Banks to use Indelible ink to avoid repeat customers for cash exchange from today

The government’s move of using indelible ink to prevent misuse of the exchange facility will be implemented in all banks around the nation from Wednesday. Bank branches will put notices outside their branches advising people to avoid exchange of old notes multiple time.

The ink, which is used in elections to identify those who have voted, will not be applicable on those who withdraw or deposit money. The decision was made at a high-level review meeting called by Prime Minister Narendra Modi.

Economic Affairs Secretary Shaktikanta Das on Tuesday announced that indelible ink will now be used to identify those who come to banks for currency exchange. 

The step has been taken to curb out people who are coming to banks repeatedly as agents of black marketers or other rich individuals, he said.

Economic Affairs Secretary Shaktikanta Das said 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 4,500,” he said.