Banks will use indelible ink to ensure that people only change old notes for new once under Prime Minister Narendra Modi's scheme to fight "black money", resorting to a tactic used to prevent multiple voting in elections.
A top finance ministry official said the move would prevent "unscrupulous persons" from sending large numbers of people from branch to branch to change old 500 and 1,000 rupee notes to get around the crackdown.
"You find the same people coming back again and again," Economic Affairs Secretary Shaktikanta Das told a news briefing on Tuesday.
Under the so-called demonetisation scheme, people are allowed to exchange up to 4,500 rupees once only. A shortage of new 500 and 2,000 rupee banknotes has caused a massive cash crunch in Asia's third-largest economy.
Following that story, CNBC-TV18’s Sapna Das has learnt from government officials that guidelines on indelible ink are likely to come out today itself and that they will start supply of indelible ink by tonight itself
It is also understood that left hand won't be used for indelible ink since elections are coming up.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
