Banks To ‘Ink’ People So As To Prevent Multiple Cash Withdrawals And Exchange

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2:38 pm 15 Nov, 2016


To shorten the lines in front of the banks and to prevent multiple cash withdrawals, the government from November 15 onward started using indelible ink.

 


One usually sees the indelible ink being used during elections so as to prevent people from voting more than one time.

Using the same concept, the banks now hopes to prevent people from exchanging or withdrawing money more than the permissible number of times from bank counters.

 

Wer India

Representational Image. Wer India

The announcement about the same was made by Economic Affairs Secretary Shaktikanta Das on November 15 when he told media that PM Modi held a second review meeting on demonetisation so as to determine why there continue to be long queues at the banks despite a week already having passed.


 

Das then went on to add that looking at this, the PM decided to use indelible ink so as to prevent unscrupulous elements from converting their black money into white money.

“To prevent this, indelible ink marks will be used, like in elections, at the cash counters. Unscrupulous elements are trying to convert their black money into white by going to different banks branches several times over in a day. Operating instructions will be issued to banks on how to use indelible ink. From today, this process will start in all major cities.”

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.

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