LS Elections 2024: ITD Seizes Record Rs 1100 Crore Cash And Jewellery

During the current Lok Sabha elections, the Income Tax Department has successfully seized a record-breaking Rs 1100 crore in cash and jewelry, according to sources who spoke to ANI.

The sources claim that by May 30th, the department had confiscated jewelry and cash totaling almost Rs 1100 crore, an increase of 182% above the Rs 390 crore seized during the 2019 Lok Sabha elections.

On March 16, the day the Election Commission of India released the dates for the Lok Sabha elections, the Model Code of Conduct (MCC) went into effect. Since then, the Income Tax Department has kept a close eye on and seized unreported funds and goods that might have an impact on elections.

Sources claim that Karnataka and Delhi had the biggest seizure totals, with each state containing more than Rs 200 crore worth of jewelry and cash.

At Rs 150 crore, Tamil Nadu had the second-highest seizure after that. Together, the states of Andhra Pradesh, Telangana, and Odisha possessed jewelry and cash valued at over Rs 100 crore.
The 2024 Lok Sabha Election will begin with polls called by the Election Commission of India (ECI), and the MCC will go into effect nationally on March 16. To make sure that the rules are followed, central agencies have been put on high alert. They are specifically keeping an eye on the movement of money, alcohol, freebies, drugs, jewelry, and other stuff that can sway voters.

Every state has set up round-the-clock control rooms to monitor the unauthorized transfer of funds that political candidates may employ in their campaigns.
The MCC, which is applicable to all political parties and candidates, seeks to stop unethical behavior and encourage ethical conduct.

Individuals found carrying cash over Rs 50,000 or new items worth over Rs 10,000 without supporting documents will have these items seized. If the individual provides valid documents proving the items are unrelated to the elections, they will be returned. However, if the seized cash exceeds Rs 10 lakh, it will be forwarded to the Income Tax Department for further scrutiny.