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The Election Commission of India (ECI) wrote to the Governor of the Reserve Bank of India (RBI) this week urging him to relax the weekly cash withdrawal limit from Rs 24,000 to Rs 2 lakh for candidates contesting Assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur. Since the Modi government announced ban on Rs 500 and Rs 1,000 notes on November 8, the RBI imposed a ceiling on the amount of cash that can be withdrawn from bank accounts every week.
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Currently, the ATM withdrawal limit is Rs 10,000 a day and bank withdrawal is capped at Rs 24,000 for savings accounts and Rs 1,00,000 for current accounts in a week. Highlighting problems faced by election candidates, the poll watchdog wrote on Tuesday, “The entire election process last only 3 to 4 weeks and therefore, the total amount that can be withdrawn with weekly restriction limit of Rs 24,000 would only be Rs 96,000 as against the statutory limit of expenditure of Rs 28 lakh for the state of Punjab, Uttarakhand and Uttar Pradesh and Rs 20 lakh for Manipur and Goa, as fixed by the Government of India notification dated 28th February, 2014.”
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The ECI further said that even if one were to assume that a part of the expenditure is incurred through cheque, small expenses would be paid in cash. “The issue is further compounded in rural areas where banking facilities are not available or are negligible,” the letter states. The relaxation in withdrawal limit as requested by ECI has been sought only till March 11, when the poll results will be declared.
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