Banks are instructed to monitor transactions exceeding Rs 10 lakh during the Lok Sabha elections

Area Election Officer Aashika Jain has directed banks in the area to keep an eye on transactions over Rs 10 lakh and notify the election office in order to guarantee free and fair elections.

She said that in order to make any payments beyond Rs 10,000, candidates must have bank accounts run by them or their election agents. Jain said, “A candidate may only spend money from this bank account for any election-related expenses.”

Throughout the election process, a candidate may use cash by withdrawing from their bank account if their total payable to any person or entity for any expense does not exceed Rs 10,000. All other payments must be made using checks drawn from the same account.

Candidates are also prohibited from accepting donations or loans totaling more than Rs 10,000. All such gifts must be accepted by account transfer, draft, or check made payable to the payee of the account. Additionally, banks were instructed to notify DEO of any suspicious transactions.