Election Commission of India (ECI) issues instructions regarding Separate Bank Account to be opened by each candidate for election expenditure.Disclosing this here today Chief Electoral Officer, Punjab Dr. S. Karuna Raju stated that In order to facilitate monitoring of election expenditure, each candidate is required to open a separate bank account exclusively for the purpose of election expenditure. This account shall be opened any time at least one day before the date on which the candidate intends to file his nomination papers. The Account Number of this bank account shall be communicated by the candidate in writing to the RO at the time of filing of his nomination.Dr. Raju said that all election expenditure shall be made by the candidate only from this bank account. All money to be spent on electioneering shall be deposited in this bank account irrespective of its funding from any source including candidate's own fund. A certified copy of the account statement of this bank account shall be given by the candidate to the District Election Officer (DEO) along with the statement of the account of expenditure at the time of filing of the Abstract Statement, after declaration of results. Wherever the candidate has not opened the bank account or not intimated the bank account number, the RO shall issue a notice to all such candidates to comply with the Commission's instructions. He further said that the bank account can be opened either in the name of the candidate or in joint name with his election agent for the purpose of election expenditure. The bank account should not be opened in joint name with any family member of the candidate or any other person, if he/she is not the election agent of the candidate. The bank account can be opened anywhere in the state. The accounts can be opened in any of the banks including co-operative banks or in the post offices.
The existing bank account of the candidate should not be used for this purpose as it has to be a separate bank account for election purpose. The DEOs will issue suitable instructions to all banks or post offices to ensure that they open dedicated counters for election purpose to facilitate prompt service to the candidates in opening of bank accounts. They should also allow withdrawals and deposits from the said account on priority during the election period.CEO further said that the Commission has issued Instruction No, 761 instruction/201 1/EEM dated 07.04.2011 that the candidate shall incur all election expenses by crossed account payee cheque, from the bank account opened for election purpose. However, if the amount payable by the candidate (s) to any person/entity, for any item of expenditure, does not exceed Rs. 10,000/- during the entire process of election, then such expenditure can be incurred in cash, by withdrawing it from the bank account opened for the purpose of election. All other payments are to be made by account payee cheque from the said bank account. The candidates are required to deposit all the amounts meant for election expenses in the separate bank account opened for the purpose of election and all their election expenses are to be incurred from the said account. The Commission has clarified that if the separate bank account is not opened before nomination for election expenses or any amount is spent, without depositing the same in the said bank account, it will be treated that the candidate has not maintained the account-in the manner prescribed. He said the Commission has also directed that in the interest of transparency and accountability, the candidate(s) shall also not receive any donation or loan in cash, in excess of Rs. 10,000/- from a single person or entity during the election process and all donations/loans in excess of Rs 10,000/- shall be received by the candidate by account payee cheque or draft or by account transfer and the candidate(s) shall maintain the full name and address of such persons/entities, which shall be mentioned in relevant columns of day-to-day accounts and the abstract statement of election expenditure.