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Banks told to monitor transactions

Banks told to monitor transactions
Highlights

Unusual and suspicious cash transactions above Rs 1 lakh will now be under the scanner In a meeting with the bank officials here on Monday, Warangal Urban District Collector Prashanth Jeevan Patil told them to monitor and submit report on unusual and suspicious cash transactions exceeding Rs 1 lakh by politicos to check cash flow in the run up to December 7 Assembly elections

Hanamkonda: Unusual and suspicious cash transactions above Rs 1 lakh will now be under the scanner. In a meeting with the bank officials here on Monday, Warangal Urban District Collector Prashanth Jeevan Patil told them to monitor and submit report on unusual and suspicious cash transactions exceeding Rs 1 lakh by politicos to check cash flow in the run up to December 7 Assembly elections.

“With the Election Commission (EC)’s model code of conduct already in force, it’s mandatory for the bank authorities to keep an eye on such transactions to prevent voters from getting bribed during election,” Patil said, asking the officials to bring to their notice and share information on finding any unusual and suspicious cash withdrawals or deposits without any such instances during the last two months.

He directed the bankers not to create any problem to those organisations and firms, which have been routinely doing legal transactions for over a period of two months. The bankers were told to monitor unusual transfer of amount by RTGS from one bank account to the accounts of others during the election.

The bankers were also instructed to keep an eye on transaction from account of candidate's spouse or his dependents. “The authorities need to inform the nodal officer of the income tax department if there is any transaction of Rs 10 lakh or above,” Patil said.

With the flying squads which are on regular watch on the movement of cash, it’s necessary for the authorities who are transporting cash from one bank to other or ATM centres to possess required documents and identity cards, Patil said.

Joint Collector S Dayanand, Greater Warangal Municipal Commissioner VP Gautham, Income Tax investigation wing AD Ravi Chakravarthy and Lead Bank Manager Narayana and RDO K Venkat Reddy were among others present.

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