District Election Officer and Collector C. Kathiravan has said that since model code of conduct is in force for the Lok Sabha elections, bank transactions over ₹ 10 lakh would be monitored by the income Tax Department.
The Collector said that one need to carry valid documents for cash in possession of over ₹ 50,000 and hence they were asked to carry out online transactions. He said that cash is being seized for want of documents and were returned after valid documents are produced to the officials. He said that banking transactions of over ₹ 10 lakh were monitored by special officers appointed by the Income Tax Departments and added that suspicious transactions of even ₹ 1 lakh would come under scrutiny.
“If candidates or his family members are transferring money from their bank account to various accounts, details of transactions should be submitted to the IT Department”, he added. The Collector said that any suspicious transactions would come under scrutiny during the election period and action would be initiated against persons if transactions are illegal.
Mr. Kathiravan asked the public, industrialists, commercial establishments, candidates and political parties to maintain valid documents for their transactions.