Gujarat Polls: Multiple Small Transactions Under Lens

| Updated: November 25, 2022 2:35 pm

With assembly elections around the corner, the authorities monitoring money laundering will have an eye out for transactions dealing in even smaller denominations.

Normally, transactions worth Rs 10 lakh or above are scrutinised through the bank’s CBS platforms for any irregularities. However, the authorities will now also monitor if multiple transactions of smaller amounts are done to the credit of various accounts.

The scrutiny will ensure that candidates are not resorting to bribing voters. Such transactions will also reveal if smaller agencies and rented crowds are funded by the candidate so that the expenses can be clubbed in the overall limit of expenses allowed. Banks have been asked to monitor transactions that appear unusual.

After the announcement of the Gujarat assembly elections, the administration has put a cap on expenditure limits for candidates. Candidates are allowed to spend up to Rs 40 lakh each. A nodal officer has been appointed by the election administration to monitor such expenditures.

A special watch would be kept over transactions called ‘one too many’. Though the salary accounts of the companies are exempt from such scrutiny, an amount of more than Rs 500 from one account to several accounts will be under scrutiny. If such transactions are done from several bank accounts linked to the same entity, it will be still considered unusual and will be verified accordingly.

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