Tuesday, November 15th, 2016

Demonetisation: Banks to ink right hand finger for currency exchange now

Narada Desk | November 15, 2016 6:56 pm Print
A right hand finger to be inked for currency exchange in banks, while left hand finger is being inked after during elections

As the queues at banks and ATMs across the country getting longer, the banks are set to use indelible ink marks in a bid to bock the conversion of black money and also to limit cash withdrawals.

According to Revenue Secretary Shaktikanta Das, banks will now use indelible ink marks on those who exchange old notes for new ones like the practice of inking during elections.

“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 added.

A government official said a right hand finger to be inked for currency exchange in banks, while left hand finger is being inked after during elections, PTI reported.

Currently, the daily withdrawal limit from ATMs is Rs 2,500, and exchange of scrapped notes from bank is Rs 4,500. And, the upper limit for weekly withdrawal from bank accounts stands at Rs 24,000.

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