With RBI easing the weekly cash withdrawal limits for certain accounts, the Election Commission is set to ask candidates contesting assembly polls in five states to open current accounts to tide over currency crunch in meeting election expenses. The central bank today announced lifting of daily restrictions on cash withdrawals from ATMs as well as current accounts. After the decision of the RBI, the Election Commission has decided to ask all candidates to open current accounts for meeting election expenses, sources said. Candidates are bound to open an election account for meeting poll-related expenditure which is monitored by the EC. The directions for the candidates related to opening current accounts are likely to be issued shortly by the poll watchdog.RBI has removed all limits on cash withdrawals from current accounts/ cash credit accounts/ overdraft accounts with immediate effect.

Source: dna January 30, 2017 13:30 UTC