Indelible ink to mark your cash withdrawal

inedible ink

New Delhi, November 15: To meet with incessant queues at ATMs and Banks to withdraw money, the government on Tuesday has decided to use indelible ink, like the ones being used during elections, to prevent people from making multiple cash withdrawals from bank counters.

After the second review meeting on demonetisation chaired by Prime Minister Narendra Modi with the officials of Finance Ministry and Reserve Bank of India, the government has decided to restrict the number of visits by people to the banks by introducing indelible ink so as to mark the people, informed Economic Affairs Secretary Shaktikanta Das to the media.

The meeting was held in the morning to ascertain the reasons for long queues at banks.

The operating instructions on how to use indelible ink is not issued to the banks yet. However this process will start in all major cities from today said Das.

“It was found that in many places same set of people are visiting to get cash. They are going from one branch to another branch. As a result, the benefit of withdrawal was getting restricted to a few people,” Das said.

“To prevent this, indelible ink marks will be used, like in elections, at the cash counters,” he said. He also hinted  that some unscrupulous elements are converting their black money into white by going to different banks branches several times over in a day.

After 7 days government has set a clear limit on the withdrawl. Earlier RBI had also issued a directive to not hoard money and limit the withdrawls so that benefit reaches to the needy.

The execution of the demonetisation of currency by central government has been severely criticised by opposition parties and general public as thousands of people are thronging ATMs and Banks everyday to exchange and withdraw money. Businesses have been shut everywhere and economy is facing one of the major cirisis in the recent times.

At the moment, the daily withdrawal limit from ATMs is Rs 2,500, and exchange of old notes from bank counters is Rs 4,500. This apart, the upper limit for weekly withdrawal from bank accounts stands at Rs 24,000.

Wefornews Bureau

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