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Demonetisation Day 7: Just like voting, indelible ink on cash exchange

Das said this is being done because the same people have been repeatedly seen exchanging notes in banks, pointing to black money being laundered via the syndicates.

Banks have been asked to use indelible ink while exchanging demonetised notes to stop unscrupulous elements from converting black money into white, economic affairs secretary Shaktikanta Das said in a press conference on Tuesday.

On every exchange, indelible ink will be applied on the person exchanging the notes to prevent that person from returning again. Banks will be given operating instructions on how to use the indelible ink, which is conventionally used to prevent people who have voted in elections from casting their ballot again.

Das said this is being done because the same people have been repeatedly seen exchanging notes in banks, pointing to black money being laundered via the syndicates.

He said there will be less inconvenience once this measure comes in. The move will be implemented in major cities from today, he said.

He said Jan Dhan accounts are being watched after authorities found that many Jan Dhan accounts are suddenly aflush with cash. While Rs 50,000 is the limit on Jan Dhan accounts, many accounts already and suddenly have balances at Rs 49,000 or so. Das asked Jan Dhan account holders not to become victims of such money laundering.

The ministerial taskforce will keep a watch on black money being deposited into banks.

He told the media that reports that bank employees will go on strike etc which are doing the rounds of social media are wrong.

If the indelible ink had been introduced from Day 1, the rush at banks may have been less. But the government has been constantly redefining rules like the use of old notes for vital needs from November 11 to 14 to 24 now.

CPM general secretary Sitaram Yechury had asked the government to extend the amnesty for old notes till December 31 but the government has steadfastly refused to extend it, yet. After yesterday’s BJP parliamentary party meeting, Information and Broadcasting Minister M. Venkaiah Naidu said the government will not rollback the decision.

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