Kolkata, Feb 15 (PTI) The Election Commission has saidit will monitor every bank transaction of over Rs one lakh tostop "illegal flow" of cash in the run up to the Assemblyelections in five states.
"To prevent illegal flow of cash the commission willmonitor every bulk transaction exceeding one lakh after theelection dates are announced" a senior election commissionofficial said.
The measure is applicable in all the states havingAssembly polls including West Bengal, Assam, Tamil Nadu,Kerala and Puducherry, he said.
"From the time of poll notification and till thedeclaration of results, the banks will have to send a dailyreport to the district election officer (DEO) or the returningofficer (RO) furnishing the details of withdrawal of over Rs 1lakh from any individual''s account.
"If the DEO or the RO feels that the withdrawal issuspicious in nature, he/she would immediately report the sameto the state election authorities and also to the top-mostincome tax officer in the district," the official said.
In case the transaction is traced back to anycandidate, the IT department will initiate legal action as perprovision of law.
"The rule will be applicable not only to theindividual account but also to the NGOs and otheroganisations," he said.
The EC has directed the states to depute a nodalofficer in the rank of an IG at the state level to overseepolice action in case of such financial transactions.