Banks will start using indelible ink to keep off repeat crowds

RSTV Bureau
Varanasi : People queue up outside a bank to exchange their old Rs 500 and 1000 notes in Varanasi  on Sunday. PTI Photo

Varanasi : People queue up outside a bank to exchange their old Rs 500 and 1000 notes in Varanasi on Sunday. PTI Photo

It’s been a week since Prime Minister Narendra Modi announced the demonetisation of ₹ 500 and ₹ 1000 currency notes. On day seven the government has come up with yet another way to ease the queues at the banks.

Secretary of the Department of Economic Affairs Shaktikanta Das has announced that banks will now start putting indelible ink on people withdrawing money. Das alleged that same people were queueing up multiple times to exchange and withdraw currency.

“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,” Das said in a press briefing on Tuesday afternoon.

“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 added.

Das also warned that the government was keeping a close watch on Jan Dhan accounts amid reports that those with black money are approaching the poor with Jan Dhan accounts to stash away the cash.

New Delhi: People wait in a long queues to exchange their old Rs 500 and Rs 1000 notes outside Reserve Bank of India in New Delhi on Tuesday. PTI Photo

New Delhi: People wait in a long queues to exchange their old Rs 500 and Rs 1000 notes outside Reserve Bank of India in New Delhi on Tuesday. PTI Photo

Despite the warning, Das assured that “legitimate deposits will not be put to any inconvenience.”

Prime Minister Narendra Modi held a review meeting late on Monday night to discuss the cash crunch. Das announced that 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 that, 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’s been a week since people have waiting for hours queueing up before banks, post offices and ATMs.

Das also assured the people that the cash availability with branch post offices and district cooperative banks has been enhanced to reduce people’s inconvenience.

Das urged religious places getting donations in small denominations to immediately deposit the same in banks to up currency supply.

(With inputs from PTI)