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Banks to use permanent ink to scan repeat money exchangers

Banks to use permanent ink to scan repeat money exchangers

New Delhi: The government on Tuesday revealed that banks will use permanent ink marks — as is done to prevent bogus voting — to prevent people from making multiple cash exchanges after the demonetisation of high-value currency notes.

The change, which comes a week after Prime Minister Narendra Modi`s surprise decision to invalidate 500 & 1,000 rupee notes, is also aimed at preventing large queues at banks and stop people from exchanging more than the legal limit of money.

The reason for long queues at banks is that the same people keep coming repeatedly. We have received reports that many people are trying to turn black money into white and have organised groups of people and sending them to exchange money, Economic Affairs Secretary Shaktikanta Das said.

To stop this, indelible ink marks will be made, like in elections, at the bank cash counters, he added.

Das told the media that the Prime Minister held a second review meet on demonetisation with officials of the Finance Ministry and the Reserve Bank of India (RBI) to verify why long queues were continuing at banks.

Operating instructions will be issued to banks on how to use indelible ink and this action will start in all major cities from Tuesday, he said.

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