1. Demonetisation: Banks to use indelible ink mark to avoid same people exchanging money at different places

Demonetisation: Banks to use indelible ink mark to avoid same people exchanging money at different places

With many people trying to convert black money into white by organising groups of people and sending them to exchange money, Shaktikanta Das said that bank branches will use indelible ink marks on those who exchange old notes for new ones.

By: | Updated: November 15, 2016 3:08 PM
"We have been trying to analyse reasons for long queues, it has come to our notice that same people are coming again at same places," he said. “We have been trying to analyse reasons for long queues, it has come to our notice that same people are coming again at same places,” he said.

With many people trying to convert black money into white by organising groups of people and sending them to exchange money, Revenue Secretary Shaktikanta Das on Tuesday said that bank branches will use indelible ink marks on those who exchange old notes for new ones. “We have been trying to analyse reasons for long queues, it has come to our notice that same people are coming again at same places. To solve this problem we have decided to use indelible ink marks, similar to elections, on cash counters,” he said. Indelible ink mark concept will start today in major cities, he further added.

After a review meeting taken by Prime Minister Narendra Modi last night to discuss the situation, the government has set-up a high-powered group under the Cabinet Secretary to monitor supply of essential goods in the wake of disruption of trade due to shortage of currency notes. Besides, a task force has been constituted to monitor circulation of fake currency notes in vulnerable areas and to keep a watch on black money being deposited in the system.

“It has come to notice of the government that in many places the same people are coming back again and again and we have also received reports that certain unscrupulous elements who are trying to convert black money into white have organised groups of innocent people and are sending them from one branch to another branch to exchange notes and get Rs 4500,” Economic Affairs Secretary Shaktikanta said.

 

“As a result what is happening is that the benefit of withdrawal of cash is getting restricted to smaller number of people…to prevent such kind of misuse, the branches of banks to take recourse to use of indelible ink marks for disbursement of cash,” he said. This would prevent certain syndicates and certain kind of people coming to branch again and again, he said.

At the moment, the daily withdrawal limit from ATMs is Rs 2,500, and exchange of old notes from bank counters is Rs 4,500. This apart, the upper limit for weekly withdrawal from bank accounts stands at Rs 24,000.

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