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| Poll Commission Asks Candidates To |
| Poll Commission Asks Candidates To Open Current Accounts As RBI Lifts Restrictions
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| INDIA
, 30-January-2017
12:24:5 PM |
| The Election Commission has asked candidates in five states -- where assembly elections are being held -- to open current accounts so they won't have to face problems in withdrawing money for poll expenditure. Earlier, the Reserve Bank of India had refused to enhance the cash withdrawal limit for election candidates despite a request from the poll commission. But today, the central bank removed cash withdrawal limits from current accounts, cash credit accounts and overdraft accounts with immediate effect. The commission's advisory came immediately after.
Earlier, the Election Commission had instructed candidates to open a separate bank account for elections. A majority of candidates had opened current accounts.
Last week, the commission had written to the central bank, asking that the weekly cash withdrawal limit, which was Rs. 24,000, be increased to Rs. 2 lakh for candidates up for election in the five states. The bank had pointed out that though the government allows candidates to spend above Rs. 20 lakh, given the withdrawal limits, they would be able to spend less than Rs. 1 lakh before the elections begin.
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