GPS systems, QR code in vehicles used to transport cash between branches or ATMs
Chhatrapati Sambhajinagar: With Lok Sabha elections approaching, authorities are gearing up to prevent the circulation of black money during the polls. The Election Commission (EC), Income Tax (IT) department, and banks are all on high alert.
Banks are closely monitoring unusual account activity, particularly large sudden transactions. Additionally, new guidelines from the EC require banks to install GPS systems in vehicles used to transport cash between branches or ATMs. Generate QR codes for such vehicles. These codes will link to a website containing details about the cash transfer, including origin, destination, amount, and person in charge.
The QR code system allows EC officials to verify the legitimacy of cash transfers during vehicle inspections. Any discrepancies between the actual amount and the information on the QR code can lead to seizure of cash and further action.
IT department tracks big transactions
The IT department is also closely monitoring large bank transactions. Banks are obligated to report suspicious activities to the department within seven days. Using PAN cards, Aadhaar cards, and an AI system, the IT department can effectively detect suspicious transactions. Additionally, special rapid action teams have been formed across the state to identify black money.
Be prepared with documentation
Citizens transporting large sums of cash are advised to carry proper documentation proving the source of the funds. Both IT department teams and EC officials have the authority to stop vehicles and confiscate undeclared cash.
Banks operating on alert mode
Rupendra Koyalkar, deputy chief executive officer of Deogiri Urban Cooperative Bank, said that all banks are operating in alert mode to comply with the directives and prevent illicit activities.