Unable to provide adequate cash, the Centre has started implementing another mode: Indelible ink will be used at banks to mark those who have withdrawn new notes to ensure that people are not drawing more than their fair share, said Finance Ministry officials today.
This is implemented in major cities only and those who have availed withdrawal of cash once cannot go to the banks same day, Shaktikantha Das, Secretary, Economic Affarirs told a media conference today.
Finance Ministry officials said that poor people who have “Jan Dhan” bank accounts are being harassed or misused by those with black money to deposit the old notes, which would effectively convert them into white or legit cash. These accounts, which have a limit of Rs. 50,000, provide users especially in rural areas with a debit card, overdraft facility and accident insurance cover for up to a lakh.
There have been a series of media reports on how the deposits in these accounts have shot up since the notes ban was announced, with some suggesting that those with black money were using them to turn in old notes that they cannot account for against their declared sources of income. “Legitimate deposits will not be put to any inconvenience,” Das said.
On being asked about various videos of people showing the new wet notes losing colour, the economic affairs secretaryclarified: The new currency notes leak colour when wet, because that’s the nature of the paper the notes are made from. If your note does not lose colour, it may be fake.
Sudden spurt in demand for salt was caused by unscrupulous people. There was no absolutely need for it. We’ve enough stock of salts and there is no reason for temporary surge in price or shortage. We are closely monitoring the supply of essential commodities, he said.
The Indelible ink like used in elections to be used in banks to prevent people from returning again to withdraw cash, he stated.
We have received reports, many people trying to convert black money into white have organised groups of people and are sending them to exchange money, he has stated. To prevent it, several steps have been initiated to identify the source of money, he said.
To another question, the secretary said there are enough stock of salt and there is no need for panic. Unscrupulous elements had spread rumours, he said