Banks ask to monitor ‘unusual’ cash transaction in the state

The direction was given during a meeting convened by the state’s chief electoral officer Frederick Roy Kharkongor with the State Level Bankers’ Committee (SLBC) headed by SBI Assistant General Manager Bimal Deb Roy here on Friday.

Addressing media persons after the meeting, Kharkongor said with the model code of conduct coming into effect, the guidelines of the ECI have been shared with the banks with regards to suspicious transactions during electioneering.

“We have brought to their notice that the banks need to share information with the respective deputy commissioners or district election officers regarding suspicious cash transaction through the banks,” he said.

According to him, one of the important aspects of the meeting is the need to deal with the issue on the use of money power during the upcoming Assembly elections in the state.

“Based on the information from the banks, the deputy commissioners will take action against such unusual cash transactions by any individuals including contesting candidates,” Kharkongor said.

He informed that following today’s meeting; the SLBC will also convene a meeting with other bankers on this regard.

As many as 36 banks are operating in Meghalaya which include the State Bank of India (SBI), Meghalaya Rural Bank (MRB) and Meghalaya Cooperative Apex Bank (MCAB).

SLBC convener Bimal Deb Roy informed that these banks are having over 395 branches spread in the eleven districts of the state.

In the Garo Hills region alone, SBI is having 41 branches while MRB is having 30 branches and MCAB is having 25 branches, he said.

Asked, the chief electoral officer said that the banks will keep a close watch on the unusual and suspicious cash withdrawal or deposit of cash in a bank account exceeding Rs 1 lakh during the process of election, without any such instance of deposit or withdrawal during the last two months.

He said the banks will also look into the unusual transfer of amount by RTGS from one bank account to the accounts of several persons in a district/constituency during the election process without any precedent of such transfer.

“And also any deposit of cash or withdrawal of cash exceeding Rs 1 lakh from bank account of candidates or spouse or his dependents, as mentioned in the affidavit filed by candidates which is available in CEO’s website,” he said.

The CEO said the banks will monitor any withdrawal of cash and deposit of cash exceeding Rs 1 lakh in the account of political party during the election process and suspicious cash transactions, which might be used for bribing electors.

Besides, the banks have also been instructed to open dedicated counters for election purpose to facilitate prompt service to the candidates in opening of bank accounts and will be allowed for withdrawals and deposits on priority.

“There is also a standing provision if withdrawal is more than Rs 10 lakh, such information should be passed on to the nodal officer of the income tax department for taking necessary actions under the income tax laws,” he said.

Kharkongor further informed that the district election officers (DEOs) have also activated the 180 flying squads who will be acting on tip offs on the movement of cash and take necessary actions.

“But the real work will start after the nominations are filed as only then you know candidates who are in the fray,” he said. The date of filing of nominations by aspiring candidates will begin from January 31.

Asked, Kharkongor said that if any candidate is found to use money power, action will be taken as per the Representation of People’s Act.

He also said that the Election Commission will also be deploying Expenditure Observers in all the 60 constituencies. “They will be deployed in expenditure sensitive areas,” he added.

Reacting to a query, the CEO said that money above Rs 50,000 will be seized and the person from whom it is found will be called for explanation.

“However, those which are genuine and back by justification they will have no problem but what we are saying is only for unusual transaction which could have a bearing on the flow of money during elections,” he stated.

By Our Reporter