Thursday December 12, 2019
Home India Banks to use ...

Banks to use Indelible Ink to Prevent Multiple Cash Exchanges after PM Modi’s Demonetization Move

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

0
//
Indelible ink marks. Flickr

New Delhi, November 15, 2016: 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 demonetization of high-value currency notes.

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

NewsGram brings to you latest new stories in India.

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

“To prevent 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 meeting on demonetisation with officials of the Finance Ministry and the Reserve Bank of India (RBI) to ascertain why long queues were continuing at banks.

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

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.

The move to use ink marks came as people across India are struggling to get cash after standing in long queues outside banks and ATMs to exchange or deposit the large currency notes.

Go to NewsGram and check out news related to political current issues

The government’s move to recall 500 and 1,000 rupee notes, which was aimed at unearthing unaccounted wealth and curbing terror financing, has caused chaos and a cash crunch across the country with people struggling to meet even basic needs.

Addressing reports of Jan-Dhan accounts being used by other people to deposit their unaccounted cash, Das said the government has decided to set an upper limit of Rs 50,000 for deposits in these accounts.

“Up to Rs 50,000 can be deposited in Jan-Dhan accounts,” he said.

Das said the legitimate Jan-Dhan account holders would not be put to any kind of difficulty but the source of deposits above Rs 50,000 into these accounts will be tracked and verified.

For other accounts, the government had earlier said they would not make inquiries into small deposits of up to Rs 2.5 lakh.

Dismissing rumours about some institutions planning a strike against the government’s demonetisation move, he said the pictures being circulated on the social media were a year old.

“Don’t believe rumours spread on the social media about certain institutions going on strike. On zooming the (strike) picture on the social media, it was found to be from 2015,” Das said.

Look for latest news from India in NewsGram.

To ease the liquidity crunch, Das said, it was decided at the review meeting to constitute “technology teams” to popularise e-wallets among people and hasten the pace of recalibrating ATMs for the new high-denomination notes of Rs 500 and Rs 2,000.

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. (IANS)

Next Story

PM Modi Receives A Letter From Pamela Anderson To Promote Vegan Food

Anderson in her letter praised India's cuisine that made it the 'easiest place on earth' to be vegan.

0
Anderson is a vegan, an advocate for animal rights, and an active member of the animal protection organization People for the Ethical Treatment of Animals (PETA).

Baywatch icon and former Bigg Boss guest star Pamela Anderson on Friday wrote a letter on behalf of People for the Ethical Treatment of Animals (PETA) to Prime Minister Narendra Modi, urging him to serve only vegan food at all government meetings and functions.

In this letter, she urges Modi to lead India’s fight against climate change by serving only delicious vegan (wholly plant-derived) food at all government meetings and functions. The animal rights group and the actor explained that raising animals for meat, eggs, and dairy causes nearly one-fifth of all human-induced greenhouse-gas emissions.

“With your country’s innovation and agricultural history, I’m sure that India-produced soy and other versatile foods can easily replace these damaging foods,” she writes. PETA Director urged Modi to adopt pro-vegan steps taken by other countries such as New Zealand, China and Germany.

“I appeal to you to show that India can equal or best them,” the 52-year-old actor added.

Modi  getting down from Air India Airplane.
Narendra Modi getting down from Air India Airplane.

Expressing concern over climate change she wrote, “My heart goes out to everyone affected by the severe air pollution plaguing Delhi. I worry about the residents as well as the animals who can’t wear face masks or stay indoors.”

She said that according to latest reports, 36 million Indians could face the threat of annual coastal flooding by 2050. The World Bank has predicted that at least 21 cities in India are approaching zero groundwater levels for next year and that 40 per cent of Indians may not have water to drink by 2030.

ALSO READ: Foodies Must Try These Dishes from the Streets of Kolkata

Anderson in her letter praised India’s cuisine that made it the ‘easiest place on earth’ to be vegan. “India is the easiest place to be vegan… I still remember the beautiful colour of saffron rice and the alluring aroma of veggie biryani. India’s foods are so fantastic and varied that it’s the easiest place on earth to be vegan”, she added.

Last month, she had written to Canadian Prime Minister Justin Trudeau asking him to serve nutritious vegan meals in correctional facilities. (IANS)