Aravakurichi (அரவக்குறிச்சி) is
a panchayat town in Karur district of Tamil Nadu, India. Aravakurichi is well
known as a major market for Moringa oleifera vegetable (drumstick). The place is in news as the Election
Commission of India late on Saturday decided to defer the polls in the
Aravakurichi Assembly constituency, following widespread seizure of cash and
complaints of voters being bribed. In an
unrelated incident, EC issued notices to the AIADMK and the DMK, asking them to
explain the rationale behind the promises made in their election manifestos and
indicate how they would meet the financial outlays (for freebies) by Sunday
evening.
The Hindu reported
that the total seizure by election expenditure monitoring officials, including
those from the Income Tax Department, crossed Rs. 100 crore on Thursday, when just three days were left before the May 16
Assembly polls. More was to happen on which is post is written. Indian Express reports that a PMK candidate
was booked in Ulundurpet Sunday after he showered currency notes on an election
official to protest, what he called, the “inaction” of authorities to check
alleged distribution of cash to voters by rival parties in his constituency.
The action of the PMK nominee from
Ulundurpet constituency, sparked protest by government officials and police
said they have registered a case against the candidate on charges of abusing
officials.
Do
you remember big burly CBI Inspector – SP Balasubramaniam [yes, the great
singer] tracking down the container load
of freshly printed bank notes worth 10 billion ~ that was ‘Thiruda Thiruda’ of Mani
Ratnam released in 1993 featuring Prashanth, Anu Agarwal and Heera. Wads of Indian currency fresh from printing,
gets stolen by a gangster – the container itself is moved by henchman – but the
access card comes in possession of a
singer. SPB sets to track down – the pop
singer comes across two small time burglars of a village who are already on the
run – and Heera is the village girl who flees from home. In the melee, at one point is container gets
covered in haystack, with infights and people trying to cheat other.
This week, closer
to the elections, there were reports
buzzing all around that 3 container loads of cash was seized. The Election Commission on Saturday said Rs
570 crore, seized from three containers in Tamil Nadu two days ahead of
assembly polls there, is “prima facie suspect cash” as no agency or
organisation came forward to claim it. Reportedly,
Electoral officials in Tamil Nadu. News reports
added that the containers escorted by three cars, did not halt, but officials
chased them and stopped them near Chengapalli. A check revealed the amount,
kept in many boxes, inside the containers, they said.
A day later, there
are reports that the money belongs to SBI who were transporting to their Office
at Vizag. The bank is quoted to have claimed in a statement that it was 'erroneous' on the part of the poll
commission to seize the cash which was being transferred from its main branch
in Coimbatore to another branch in Visakhapatnam. "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," said the SBI statement. "As
per RBI instructions, our Coimbatore main branch released the treasure to the
authorised SBI personnel, duly escorted by a team of Andhra police. But the
convoy carrying the cash was stopped by the EC officials enroute and brought to
Tiruppur collectorate for further scrutiny," the statement added.
Officials said that
the vehicle numbers did not match the documents which aroused suspicion.
However, Chief Electoral Officer Rajesh Lakhoni had said the vehicles were
likely be released soon if the paperwork was in order. There have been
widespread reports of abuse of money
power in Tamil Nadu, the Election Commission had last month also issued some
special instructions to be followed by observers and members of the
surveillance teams deployed in the state. The Commission had sought
"stepped-up vigil" across Tamil Nadu to detect and intercept cash and
other inducements being used to lure voters and ensure that a level-playing
field is maintained.
The Bank reportedly
claims that the cash was transported to Vizag to address financial need and was
as per RBI instruction – it was indeed ordinary for the common man to believe
that it could be funds to pay voters illegally.
The timing of such huge transfer was certainly not right and if it was
so intended, Bank officials should have taken extra care in keeping proper
documents along with the vehicles transporting the cash. Were they not aware of the documentary
requirements or were they not aware of Elections around the corner ! How can someone can be so callous in
transporting such huge amounts of cash.
There appears some big gaps in the episode and explanations offered
!!
Insurers have a
Policy covering Cash – whilst inside the premises (in safe) and whilst in
transit. Most well drawn policies would specify at least one end of coverage –
could be from the premises to bank and vice versa; between various premises;
from collection centres to premises and various other possible combinations.
Besides, there could be singular transaction / movement of huge amount of
money. Many a times, banks carry huge amounts of money from their chest to
their branches and for replenishing ATMs – and such movements can also be
insured. The Insurance premium would
generally be calculated on the value of transactions throughout the year and
would have a single carriage limit, mode, manner and some details of armed
guards accompanying etc.,
With regards – S. Sampathkumar
15th May 2016.
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