EC allows SBI to take back currency vans to Coimbatore
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The Election Commission (EC) has allowed State Bank of India (SBI) to take three trucks carrying cash (estimated Rs 570 crore) to bank's Coimbatore main branch.
Senior SBI official said bank executives have held discussions at EC headquarters in Delhi as well as in Tamil Nadu.
The suspecting cash being allegedly used in poll-bound Tamil Nadu, EC officials had confiscation of cash vans last week.
The bank in statement said it had produced documents showing authorised transfer of cash to Andhra Pradesh (AP) in police protection. This cash was to be used to address a temporary cash shortage in that state (AP).
The Reserve Bank of India (RBI) had authorised transfer of Rs 570 crore from currency chest at SBI Coimbatore main branch to SBI special currency administration branch in Visakhapatnam, SBI said.
The movement of currency is duly authorised by the RBI and had all necessary approvals, it added.
SBI's Coimbatore main branch had released the treasure to the authorised SBI personnel duly escorted by a team of police personnel from AP. The convoy carrying the treasure was stopped enroute and brought to Tiruppur collectorate for further scrutiny.
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