Use of Indelible (Permanent) Ink To Check Repeated Exchange Of Notes

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Due to demonetization of Rs. 500 & 1,000 notes, ordinary citizens are facing a lot of hardships standing in long queues to exchange the banned currency. The same people are visiting the banks and getting the amount exchanged repeatedly. As a result, the lines are choked and other people are unable to change the notes. To solve this problem and to overcome the difficulties of the public, the Government of India has asked the bank authorities to apply the indelible ink, that is used at the time of elections. The decision was taken in the high – level meeting chaired by PM Modi on Monday night.  The plan will be first implemented in all the major cities. However, the rule won't be applicable on the candidates coming to deposit the cash or withdraw it from the bank accounts. Though the decision is taken to reduce the problems of the public but it isn't welcomed by all.

Many political leaders criticised the new idea. With the elections lined up, a suggestion like this will create confusion and encourage fraudulent practices. To prevent this, the Ministery of Finance curbed a way out that the ink should be applied on the index finger of the right hand unlike in an election where the left hand is marked.

Highlights

  • Finger of the people visiting the bank for conversion to be marked with ink
  • Banks to use indelible ink mark to avoid same people exchanging money at different places
  • Restriction on multiple exchanges of demonetized currency in a single day
  • Help preventing the unscrupulous practices
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