Use of indelible ink has started in Delhi, Mumbai, Kolkata: Economic Affairs Secy Shaktikanta Das

New Delhi: Economic Affairs Secretary Shaktikanta Das on Thursday announced that some banks in Delhi, Mumbai and Kolkata have started use of indelible ink to stop repeat money exchangers thronging banks with invalid Rs 500, Rs 1000 currency notes.

Das categorically stated in his twitter account that the use of inedible ink is only for exchange of old notes and not for any other transactions.

The government on Tuesday declared that banks will use indelible 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.

Use of indelible ink has started this morning with SBI Parliament Street branch,New Delhi and in Mumbai and Kolkata, Das confirmed.

Indelible ink bottles are being airlifted to all regions, the Economic Affairs Secretary further said.

The move is aimed at preventing large queues at banks and stop people from exchanging more than the permissible limit of money.

At the moment, the daily withdrawal limit from ATMs is Rs 2,500, while for exchange of old notes from bank counters it is Rs 4,500. This apart, the upper limit for weekly withdrawal from bank accounts stands at Rs 24,000. The limit will be reviewed after 15 days.

Finance Minister Arun Jaitley had earlier said it will take two-three weeks to recalibrate the ATMs. All ATMs in India needed to be calibrated afresh to disburse the newly-minted currency notes as per their weight, dimensions, design and security features.

To break the grip of corruption and black money, Prime Minister Narendra Modi last week announced that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016.