 "RBI")
The Reserve Bank of India (RBI) decided to lift withdrawal limits on current accounts after a tense stand-off with the Election Commission of India (ECI). An escalation has been averted through deft manoeuvering and restraint by both institutions.
The stand-off happened because the ECI’s efforts to monitor election spending would have been hampered with the RBI’s continued restrictions on cash withdrawal limits. The ECI had introduced new rules in 2013 to improve monitoring of a candidates’ election expenses, largely incurred in cash. Through a notification issued on October 15, 2013, the ECI mandated all candidates to open separate bank
The stand-off happened because the ECI’s efforts to monitor election spending would have been hampered with the RBI’s continued restrictions on cash withdrawal limits. The ECI had introduced new rules in 2013 to improve monitoring of a candidates’ election expenses, largely incurred in cash. Through a notification issued on October 15, 2013, the ECI mandated all candidates to open separate bank
