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Indelible ink to prevent multiple cash exchanges
The Union government on Tuesday declared that banks will use indelible ink marks -- as is done to prevent bogus voting -- to prevent people from making multiple cash exchanges after the demonetisation of high-value currency notes.
​New Delhi: The Union government on Tuesday declared that banks will use indelible ink marks -- as is done to prevent bogus voting -- to prevent people from making multiple cash exchanges after the demonetisation of high-value currency notes.
The move, which comes a week after Prime Minister Narendra Modi's surprise decision to invalidate 500 and 1,000-rupee notes, is also aimed at preventing large queues at banks and stop people from exchanging more than the permissible limit of money.
"The reason for long queues at banks is that the same people keep coming again and again. We have received reports that many people are trying to convert black money into white and have organised groups of people and sending them to exchange money," Economic Affairs Secretary Shaktikanta Das said.
"To prevent this, indelible ink marks will be made, like in elections, at the bank cash counters," he added.The move to use ink marks came as people across India are struggling to get cash after standing in long queues outside banks and ATMs to exchange or deposit the large currency notes.
Addressing reports of Jan-Dhan accounts being used by other people to deposit their unaccounted cash, Das said the government has decided to set an upper limit of Rs 50,000 for deposits in these accounts.
"Up to Rs 50,000 can be deposited in Jan-Dhan accounts," he said. Das said the legitimate Jan-Dhan account holders would not be put to any kind of difficulty but the source of deposits above Rs 50,000 into these accounts will be tracked and verified.
For other accounts, the government had earlier said they would not make inquiries into small deposits of up to Rs 2.5 lakh.
Dismissing rumours about some institutions planning a strike against the government's demonetisation move, he said the pictures being circulated on the social media were a year old.
Finance Minister Arun Jaitley had earlier said it will take two-three weeks to recalibrate the ATMs. All ATMs in India needed to be calibrated afresh to disburse the newly-minted currency notes as per their weight, dimensions, design and security features.
