District Collector and District Election Officer V. Jayachandra Bhanu Reddy held a meeting with the bankers here on Wednesday to underline the guidelines in place in view of model code enforcement.
Bankers were urged to encourage only banking transactions and avoid cash deposits into accounts. Further, any deposit exceeding ₹1 lakh into an account will attract monitoring of the account. Further, transactions exceeding ₹ 10 lakh or more will entail bringing the account under the radar of the Income Tax department, Dr. Bhanu Reddy said. Bankers were told to alert the authorities of suspicious transactions to accounts. Any transaction that is intended to circumvent the poll code, will attract action against the account holder, the administration has said.
Further, people were urged to carry cash with the requisite documents supporting the source of origin of the cash in transit. Otherwise, the cash will be liable for seizure.
The cash shall be returned upon production of supporting documents attesting to the source of origin of the cash, the Collector said.
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