Photo Credit: Shah Junaid/VCCircle

Banks to use indelible ink marks for currency exchange

By PTI
15 November, 2016

Grappling with unending queues and frayed tempers in banks and to check operation of syndicates, government on Tuesday decided to introduce a system of marking customers exchanging defunct currency notes with indelible ink while monitoring suspicious deposits in Jan Dhan accounts.

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 Das told reporters.

“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. 

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Banks to use indelible ink marks for currency exchange

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