Banks To Use Indelible Ink To Prevent Multiple Cash Withdrawals

At present, the government has restricted the daily exchange limit of old notes to Rs. 4,500. and weekly withdrawal limit to Rs. 24,000.

Monday being a holiday on account of Guru Nanak Jayanti, banks are closed, compounding the problems of people standing in the ATM queues.

He asked seven joint secretaries in the Finance Ministry to comply with decisions taken in the high-level meeting Prime Minister Narendra Modi held last night to assess the situation following demonetisation of high-value currency notes.

“The reason for long queues at banks and ATMs is that the same people keep coming again and again at different places”. Already separate queues for senior citizens, divyang persons etc. have been announced.

To stop repeat money exchangers thronging banks with invalid currency notes, a few city banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities. “To solve this problem we have chose to use indelible ink marks, similar to elections, on cash counters”, said Das in an address to media. The services of these people are used to deposit unaccounted for money into their accounts and are later withdrawn or transferred to the real owner.

Indelible ink will be put on the right hand finger of those exchanging banned notes from Wednesday, he added. Arrangements have been made to enhance the availability of cash with the DCCBs.

“The costs of informality are evident in the low tax base which impacts government revenues [and gives little] economic control through monetary instruments, and lower economies of scale”, Banerjee said, noting that less than a quarter of Indians file their personal income tax details, and more than half don’t pay tax. Das said there were 1,20,000 banking correspondents and more than 1,30,000 branch post offices in the country.

The Minister claimed the news as fake and ensured that India had enough salt stocks. Such establishments have their accounts with the bank branches. They are going from one branch to another branch. I had gone to get invalidated currency notes exchanged.

“Some people are misusing Jan-Dhan accounts to deposit black money”.

“Such spurt in deposits will be looked into closely”.

“Baseless; no intention of cancelling legal tender status of notes of any other denomination”, a tweet from the Press Information Bureau, the government’s publicity arm, said.

“While a 5 ml vial of indelible ink can be used on 500 persons, a pen with the same capacity can be used on 1,000 individuals”.

It has set up a high-level committee under Cabinet Secretary P K Sinha to monitor supply of essential commodities.