Hawk-eyed ECI to keep tabs on all bank withdrawals above Rs 10L- Times of India
MUMBAI: Election Commission of India's order on monitoring doubtful transactions in banks and financial %institutions has caused confusion in the bureaucracy, particularly among those who %are associated with the election process.
A day after the election process began in the first week of March, the ECI issued stringent guidelines to all chief electoral officers on monitoring doubtful money transactions. Then the ECI had asked all district returning officers to keep watch on doubtful transactions of Rs 10 lakh and above and inform the income tax authorities.
In the wake of the ECI order, district returning officers across the state held meetings with heads of banks and financial institutions for monitoring doubtful transactions. Meetings were held at the district level, too. The ECI is expecting that heads of banks and financial institutions should bring to the notice of the district returning officers doubtful transactions of Rs 10 lakh and above and if dormant accounts are suddenly made operational. A district returning officer in western Maharashtra has also asked banks to notify any transaction above Rs 1 lakh. "Certainly, we have no option, but to implement the ECI order, but we feel that the commission should take a fresh look at its order. In a city like Mumbai, thousands of transactions above Rs 10 lakh take place. It will not %be possible to monitor all %such transactions," said a bureaucrat.
Secondly, he said, no head of a bank or financial institution is keen to take a risk and invite the wrath of the ECI, because of which they are reporting each every transaction above Rs 10 lakh to the district returning officer. "The concept is good. It is aimed that halting use of black money, but a politician will deposit the black money in his bank account," he said.
http://timesofindia.indiatimes.com/city/mumbai/Hawk-eyed-ECI-to-keep-tabs-on-all-bank-withdrawals-above-Rs-10L/articleshow/32920780.cms
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