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.
