SBI claims Rs 570 crore in cash seized by Election Commission in poll-bound Tamil Nadu
The State Bank of India said its officers were transporting the money on instructions from the RBI to address a temporary cash shortage in Andhra Pradesh.
A surveillance team of the Election Commission seized cash worth Rs 570 crore from three container lorries in Tamil Nadu's Tirupur district late on Saturday. However, the State Bank of India later said the money belonged to the them, PTI reported. Chief Electoral Officer Rajesh Lakhoni confirmed the SBI’s claim.
The bank said in a statement that its officials were transporting Rs 570 crore on instructions from the Reserve Bank of India. “To address a temporary cash shortage in Andhra Pradesh, the RBI has authorised transfer of Rs 570 crore from our currency chest in Coimbatore main branch to our special currency administration branch in Visakhapatnam,” the statement said, adding that EC officials took the money to the Tirupur collectorate for further scrutiny in an “erroneous” act. The RBI is being consulted on the matter, The Hindu reported.
Commission officers took the three trucks carrying Rs 570 crore into custody during a routine check at the Perumanallur-Kunnathur Bypass in Tirupur district, as part of efforts to ensure transparency in the state Assembly elections. Tamil Nadu, Kerala and the union territory of Puducherry all go to the polls on Monday. The EC has confiscated more than 100 crore in cash at various places in Tamil Nadu.