Govt to use indelible ink to crack down repeated exchanges at banks, not ATMs withdrawal

Government has taken some more practical measures to manage the rush at banks, and plans to use indelible ink marks as used in election voting, to crack down on cheats and others being used for carrying out  multiple exchanges.

Last Updated: Nov 15, 2016, 16:03 PM IST
Govt to use indelible ink to crack down repeated exchanges at banks, not ATMs withdrawal

Zee Media Bureau

New Delhi: Government has taken some more practical measures to manage the rush at banks, and plans to use indelible ink marks as used in election voting, to crack down on cheats and others being used for carrying out  multiple exchanges.

The use of indelible ink, or a semi-permanent ink or dye that is applied to the forefinger (usually) of voters during elections in order to prevent electoral fraud such as double voting, will be used only at the cash counters, and not at ATM withdrawl.

Economic Affairs Secretary Shaktikant Das, on Tuesday, announced that the move is aimed at reducing large crowds at bank branches leading to long waiting hours for cash withdrawal and discouraging people who are standing in the queue multiple times in order to convert black money into white.

"The reason for long queues at banks and ATMs is that the same people keep coming again and again at different places. We have received reports that many people are trying to convert black money into white and they have organised groups of people and are sending them to exchange money," Das said at a news conference.

"To solve this problem, we have decided to use indelible ink marks, similar to elections, at cash counters... This will start today in major cities," he said.

He also appealed to people not to believe on rumors doing round on social media.

"Lots of false stories on social media. I appeal to everyone, not to believe such stories on social media and they suddenly create panic, and it is not a desirable thing", said Das.  

He said that there is enough cash available in the system, and enough stocks of essential commodities, "there is no need to panic". 

He also said that government is trying to popularise cashless economy.

A Special Task Force has also been set up to monitor movement of fake currency in the market, he added. He also urged places of worship, who receive smaller denomination notes, to deposit them in banks so supply of these notes increases. Das added that government was also keeping close watch on Jan Dhan Accounts which have suddenly seen surge in cash.