Demonetisation: Govt to use indelible ink to prevent multiple withdrawls from banks

The government will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters, it was announced on Tuesday.

IANS November 15, 2016 13:07:35 IST
Demonetisation: Govt to use indelible ink to prevent multiple withdrawls from banks

New Delhi: The government will use indelible ink like during elections to prevent people from making more than the permissible number of times cash withdrawal from bank counters, it was announced on Tuesday.

Demonetisation Govt to use indelible ink to prevent multiple withdrawls from banks

Representational image. Reuters

Economic Affairs Secretary Shaktikanta Das told the media that Prime Minister Narendra Modi held a second review meeting on demonetisation with officials of the Finance Ministry and the Reserve Bank of India (RBI) to ascertain why there continued to be such long queues at banks.

"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, adding unscrupulous elements were trying to convert their black money into white by going to different banks branches several times over in a day.

"Operating instructions will be issued to banks on how to use indelible ink. From today, this process will start in all major cities."

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.

Updated Date:

also read

Strategic reforms and rapid vaccination drive put economy on path to swift recovery, says finance ministry report
India

Strategic reforms and rapid vaccination drive put economy on path to swift recovery, says finance ministry report

Sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues suggest that the economy is progressing well, the September review said

Fitch Ratings cuts India's economic growth forecast to 8.7%, cites COVID-19 impact
Business

Fitch Ratings cuts India's economic growth forecast to 8.7%, cites COVID-19 impact

The projections for 2021-22 fiscal compares to a contraction of 7.3 percent recorded in the last financial year and a four percent growth in 2019-20

Pandora papers: Time to pursue lawyers and accountants who enable tax evasion, says specialist in offshore tax havens
World

Pandora papers: Time to pursue lawyers and accountants who enable tax evasion, says specialist in offshore tax havens

The Pandora papers show we are reaching the limits of what can be done with data transparency said a specialist in offshore tax havens at City, University of London