Banks to keep tabs on suspicious transactions

Mahesh Sharma

Malerkotla, March 19

In view of the ensuing Lok Sabha election, banks have been instructed to watch out for any apprehended exploitation of their infrastructure, equipment and services by political agencies to allure voters from Fatehgarh Sahib and Sangrur constituencies or in parts of Malerkotla district.

While all heavy/unusual transactions are to be reported to the District Election Office, authenticated records are to be maintained of institutional movement of cash from one branch to another or of replenishment of Automated Teller Machines (ATMs) falling under their jurisdiction.

Malerkotla Deputy Commissioner Dr Pallavi said the officials concerned at various commercial banks of the district had been advised to follow guidelines of the Election Commission of India regarding transferring of funds (cash or digital) during the election period. Banks had also been asked to update the administration about heavy transactions that took place during the past two months.

Showing satisfaction over the outcome of a meeting held with personnel from various financial institutes Dr Pallavi said the authorities concerned had assured financial discipline was observed in accordance with the ECI guidelines, which are to be received from time to time.

It was also decided that Assistant Commissioner Harbans Singh, Malerkotla SDM Aparna MB and Ahmedgarh SDM Gurmit Bansal would monitor the functioning of bank branches falling under their respective jurisdictions.

A close watch would be kept on accounts of all candidates and their family members. A complete record of cash transactions above Rs 1 lakh would be kept and periodic reports would be submitted, reporting suspicious or unusual transactions during the last two months.

Any vehicle carrying institutional cash must be accompanied by authorised bank personnel and computer generated documents or certificates must be presented on demand by them.

“We have advised banks to ensure that no one is allowed to undertake cash or digital transactions through their accounts for the ulterior motive of alluring voters or purchasing gifts or contraband,” said Dr Pallavi maintaining that instructions being received from the ECI from time to time would be forwarded to banks.

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