1. Demonetisation: Twitter rages over use of indelible ink on exchange of Rs 500, Rs 1000 notes

Demonetisation: Twitter rages over use of indelible ink on exchange of Rs 500, Rs 1000 notes

Economic Affairs Secretary Shaktikanta Das on Wednesday announced the use of indelible ink on those exchanging the old Rs 500 and Rs 1000 notes in banks.

By: | Published: November 16, 2016 12:06 PM
indelible ink, indelible ink banks, indelible ink opposition, indelible ink exchange, rs 500, rs 1000 exchange Indelible ink is to be put on fingers of people who exchange old notes in banks. (PTI)

Economic Affairs Secretary Shaktikanta Das on Wednesday announced the use of indelible ink on those exchanging the old Rs 500 and Rs 1000 notes in banks. Speaking to media, he said that the ministry had received reports that “unscrupulous” elements of the society, who were trying to convert black money into white had organised groups of innocent people to send them from one branch to another in order to exchange and get Rs 4,500 each. He said that as a result of this, the benefit of withdrawing cash only went to a few people.

Although, the move has been widely criticised in some circles. West Bengal Chief Minister Mamata Banerjee on Tuesday went on social networking site Twitter and condemned the move. She said that this was a desperate move by the government to start a “black mechanism” and it showed that the government did not trust its own people. Twitteratis too seemed mostly unhappy with the decision to put ink on their fingers every time they exchanged their hard earned money.

While the government’s reason to use indelible ink to prevent certain people from converting black money into white is a brave act, it also puts a certain restriction on people who have to stand in queues for hours to exchange their money. The move, while effective can also be termed as an act of burning the house to catch a rat. Earlier, D Thomas Franco, vice president, All India Bank Officers Confederation, told IE that the demonetisation drive has violated the fundamental right to life. He also said that the poor planning and execution has also led to the prevention of lakhs of people from withdrawing money from their own accounts.

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