Indelible Ink Currency Ban

Indelible ink removal is now a heavily-searched term in India since the government stipulated use of the ink to prevent multiple withdrawals or deposits.

The Election Commission has raised concern over the use of indelible ink in banks after the notes ban, saying the move should not affect the "election process in any manner". Five states will hold by-elections on Saturday.

Eleven branches of the State Bank of India today began inking the fingers of people who exchange the now banned 500 and 1000 rupee notes for new ones, in a move designed to stop people from making multiple exchanges at different branches.

To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities.

The Election Commission on Tuesday asked the government to keep in mind the election laws on use of indelible ink while applying the method to check the suspicious depositors.

The government's new decision to use indelible ink to mark those who have traded old notes for new ones will go a long way towards helping cut down the lines at banks, said Arundhati Bhattacharya, who heads the country's largest lender, the State Bank of India or SBI.

The Supreme Court has asked the government to submit a plan of action to cope with the hardship caused to people after 500 and 1,000 rupee banknotes - which accounted for 86 per cent of cash in circulation - were cancelled.

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 government has asked banks to use indelible ink while exchanging banned Rs 500 and 1,000 notes to stop "unscrupulous elements trying to convert black money".

Indelible ink removal is now a heavily-searched term in India since the government stipulated use of the ink to prevent multiple withdrawals or deposits.

The Election Commission has raised concern over the use of indelible ink in banks after the notes ban, saying the move should not affect the "election process in any manner". Five states will hold by-elections on Saturday.

Eleven branches of the State Bank of India today began inking the fingers of people who exchange the now banned 500 and 1000 rupee notes for new ones, in a move designed to stop people from making multiple exchanges at different branches.

To stop repeat money exchangers thronging banks with invalid currency notes, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities.

The Election Commission on Tuesday asked the government to keep in mind the election laws on use of indelible ink while applying the method to check the suspicious depositors.

The government's new decision to use indelible ink to mark those who have traded old notes for new ones will go a long way towards helping cut down the lines at banks, said Arundhati Bhattacharya, who heads the country's largest lender, the State Bank of India or SBI.

The Supreme Court has asked the government to submit a plan of action to cope with the hardship caused to people after 500 and 1,000 rupee banknotes - which accounted for 86 per cent of cash in circulation - were cancelled.

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 government has asked banks to use indelible ink while exchanging banned Rs 500 and 1,000 notes to stop "unscrupulous elements trying to convert black money".