Since few years, Politicians have been mobilizing enough currency required for election expenditure in the form of Rs 2,000 notes. As the Assembly Polls in Telangana happen in December, Attempts have been made to exchange Rs 2,000 notes for Small Denominations such as Rs 500 & Rs 200. Banks and Petrol Pumps have been preferred to meet the target before the polling date. 2 to 5 percent Commission was offered to replace the higher denomination notes.
As the Election Code of Conduct came into effect since the Assembly was dissolved prematurely, Telangana Politicians have been relying on neighboring states for currency exchange. Private Banks in AP and Karnataka have been identified as the best option for large scale money replacement. This trend came to light after crores of currency was caught in Adilabad recently.
Income Tax Department and RBI have been closely watching the developments in Telangana. Details of those individuals withdrawing over Rs 2 lakh from banks have been collected. If the amount exceeds Rs 5 lakh, Account Holders will have to mention the reason for it in a written format. There were reports of Telangana Leaders contacting Bank Branches in Visakha and Vijayawada for small denominations.
As the Election Code of Conduct came into effect since the Assembly was dissolved prematurely, Telangana Politicians have been relying on neighboring states for currency exchange. Private Banks in AP and Karnataka have been identified as the best option for large scale money replacement. This trend came to light after crores of currency was caught in Adilabad recently.
Income Tax Department and RBI have been closely watching the developments in Telangana. Details of those individuals withdrawing over Rs 2 lakh from banks have been collected. If the amount exceeds Rs 5 lakh, Account Holders will have to mention the reason for it in a written format. There were reports of Telangana Leaders contacting Bank Branches in Visakha and Vijayawada for small denominations.