Finance ministry to introduce use of indelible ink for those who’ve exchanged old notes

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Union finance ministry has reportedly decided to introduce indelible link for people visiting banks to exchange their old notes with new.

This is to ensure that an individual has not exchanged more than his/her share of Rs 4,500.

 indelible link

“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 said.

The use of indelible ink is common during elections in India to prevent an individual from voting multiple times.

Prime Minister Narendra Modi had introduced demonetisation last week scrapping old Rs 500 and Rs 1,000 notes. The government had introduced new Rs 500 and Rs 2,000 notes.

The daily withdrawal and exchange limits were capped, leading to chaos outside ATMs and banks.

At least 12 people have, so far died since the announcement of demonetisation. Opposition parties have asked the government to withdraw the ‘draconian’ move.

Faced with public anger, the Centre’s Narendra Modi government had eased many restrictions with regards to the use of invalid currency for certain utility payment.

They’ve also accused the government of having informed the BJP friends well in advance to ensure they could convert their black money into white.

 

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