RBI rejects the plea of EC for relaxing limits for candidates contesting Assembly polls

New Delhi, Jan 28 (KNN) Election Commission’s (EC) request to relax weekly cash withdrawal limits for candidates contesting upcoming Assembly polls in five states, has reportedly been rejected by the Reserve Bank of India.

While the decision of RBI seems appreciable for many, All India Bank Employees' Association (AIBEA) on the other hand said that RBI is less of money and that is the actual reason.

“The decision is appreciable but reality is that there is no money in the banks to give”, said C H Venkatachalam, General Secretary, AIBEA.

The Election Commission had argued that a weekly withdrawal limit of Rs 24,000 translated into a monthly withdrawal of Rs 96,000 as it is well below the poll expense limit of Rs 28 lakh per candidate in states like in Uttar Pradesh, Uttarakhand and Punjab.

The RBI, however, refused to make any changes for poll expenses.

Now the decision forces the candidates in upcoming elections will have to increase their reliance on digital payments or cheques, further disclosed their expenses.

Assembly elections in UP, Punjab, Uttarakhand, Goa and Manipur will be held between February 4 and March 8, 2017 and candidates have to open an election account for meeting poll-related expenditure that’s monitored by the EC. (KNN)