As India deals with a massive cash crunch, indelible ink will be used at banks to mark those who have exchanged new notes to ensure that people are not drawing more than their fair share, said Finance Ministry officials today.
The same tactic is used to prevent multiple voting in elections. An ink stamp will be used after a person has exchanged Rs 4,500 worth of old notes for new ones, the weekly limit set for now.
"Some unscrupulous people are trying to convert their black money into white and have arranged for groups and are sending them from one branch to another to exchange notes. So you see, the same people are coming again and again," said Economic Affairs Secretary Shaktikanta Das.
Since then, the lines at bank branches and ATMs have been relentlessly long to access the new currency. PM Modi has urged the country to give him "just 50 days" to clean up the system and "bear with inconveniences" because the move will ultimately benefit the poor.
Finance Ministry officials today 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.
To ease the pressure and reduce inconveniences, the government yesterday increased the weekly cash withdrawal limit to Rs 24,000 and said up to Rs 4,500 worth of old notes can be swapped for new ones. At ATMs, people can withdraw up to Rs 2,500 per card per day, though many cash withdrawal machines are still being reconfigured to dispense the new-size currency. Utilities bill and petrol pumps will accept the old notes till midnight of November 24.
"Modi is saying give me 50 days to deal with the crises. But who created the crises?" said Randeep Surjewala, Congress spokesman.
Opposition leaders have accused the government of throwing millions of common people in financial distress as the government failed to put adequate measures in place.
Yesterday, the government said it will allow a network of so-called banking correspondents, who travel to rural areas to provide people with access to banking services, to carry more cash.
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