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The poll season is round the corner. General elections are about a year away and in December seven States head for the hustings.
The Election Commission is already worried about the movement of cash that is likely to happen. It fears that money is moved in the vans banks use to replenish funds at ATMs and branches.
So, the Finance Ministry has asked banks to tighten procedures on movement of cash.
Spending limit
Currently, the maximum limit on election expenses for a candidate ranges from Rs 22 lakh to Rs 40 lakh for a Parliamentary constituency and Rs 8-16 lakh for an Assembly constituency.
Spending beyond this limit is considered a corrupt electoral practice under the Representation of the People Act, 1951.
The Commission has observers to keep a tab on the spending by the candidates.
According to the new standard operating procedure for transportation of cash, evolved by banks at the Finance Ministry’s behest, banks will have to ensure that the vans of the agencies/companies that move their money do not carry cash of any third party agencies/individuals.
To ensure that they transport only the bank’s cash, the agencies/companies will have to carry letters/documents issued by the bank giving details of the money released to them for filling ATMs, delivering to branches, or currency chests.
Further, the personnel driving/escorting the cash vans will have to carry identity cards issued by their agencies/companies, said a banker.
In its Handbook for Candidates , the Commission rues the increasing role of money power in elections.
It terms this as one of the maladies that reduce the election process into a farce. Some candidates with financial resources are at a distinctly advantageous position compared to others in elections.
The result of such an election cannot reflect the true choice of the people, the Commission observes.
Hopefully, the Commission’s caution and the Ministry’s action will put brakes on the cash flow.
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