Moneycontrol BureauThe government on Tuesday instructed banks to use indelible ink marks on those who exchange old notes for new ones as a strategy to prevent the same people from using the old note exchange facility multiple times.
“We have been trying to analyse reasons for long queues; it has come to our notice that the same people are coming again at the same places. To solve this problem we have decided to use indelible ink marks, similar to elections, on cash counters,” Economic Affairs Secretary Shaktikanta Das said.
The move is to prevent “certain unscrupulous elements to turn black money to white by organising groups of people to exchange notes,” he said.
“In many places, the same people are coming back again and again. Because of this the facility of withdrawing cash was getting restricted to a small group of people,” he said.
Prime Minister Narendra Modi reviewed the supply of currency notes, for the second time in the last two days, after the demonetisation of old Rs 500 and Rs 1000 notes were announced last week.
A Special Task Force has been set up to monitor the infusion of fake currency in the market, especially in the vulnerable areas, Das said.
Das said that the government has also urged places of worship, who receive smaller denomination notes, to deposit them in banks so supply of these notes increases.
“Urging people to not fall for the rumours spread using social media,” he said. “We have enough stock of salts and there is no reason for a temporary surge in price or shortage”.
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