Cash deposit during elections

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22 Points Joined February 2024

Can a employee of a company carry cash below 10 lakhs for depositing in company's bank account during state election.

What are the necessary documents employee should carry along

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On 28 January 2025 at 21:25 Report
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Master in Accounts & high court Advocate
9025 Points Joined December 2011

During state elections, the rules for carrying cash are a bit more stringent.

According to the Election Commission of India, an employee of a company can carry cash below ₹10 lakhs for depositing in the company's bank account, but there are some conditions and necessary documents to be carried along.¹

*Necessary Documents:* - A letter from the company authorizing the employee to carry and deposit the cash - A copy of the company's ID proof (PAN card, GST registration, etc.) - A copy of the employee's ID proof (Aadhaar card, driving license, etc.) -

 A cash deposit slip or a receipt from the bank *Rules to Keep in Mind:* - Cash carrying limit: ₹50,000 to ₹10 lakhs (depending on the state and local authorities) -

 The employee should be able to provide a valid explanation for carrying the cash -

The cash should be deposited in the company's bank account within a reasonable time frame It's always a good idea to check with the local authorities or the company's auditor to confirm the specific rules and regulations in your area.

 Additionally, it's recommended to avoid carrying large amounts of cash and instead use digital payment methods or cheques to minimize any potential issues.²

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On 29 January 2025 at 15:20


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