After reports of people attempting to convert their black money into white by visiting banks multiple times, the Government on Tuesday decided to introduce a system of marking customers exchanging defunct currency notes with indelible ink.
With reports of Jan Dhan accounts being used by other people to deposit their unaccounted cash, the Finance Ministry set an upper limit of Rs50,000 for deposits into these accounts. "It has come to notice of the Government that in many places the same people are coming back again and again and we have also received reports that certain unscrupulous elements who are trying to convert black money into white have organised groups of innocent people and are sending them from one branch to another to exchange notes and get Rs4,500 exchanged," said Economic Affairs Secretary Shaktikanta.
"As a result what is happening is that the benefit of withdrawal of cash is getting restricted to smaller number of people... To prevent such kind of misuse, the branches of banks to take recourse to use of indelible ink marks for disbursement of cash," he added.
This would prevent certain syndicates and certain kind of people coming to branch again and again.
"Ideally, the ink mark should have been put on the left hand as is done when a person casts his vote. But with by-elections due in some States, an ink mark for exchange or withdrawal of currency note on the left hand will lead to unnecessary difficulties.
So it has been decided that the ink mark would be put on right hand," said an official when asked which hand would be marked.
Das also informed that the Government is keeping a close watch on deposits in Jan Dhan accounts as in many cases such account are being misused for parking black money. The Finance Ministry set an upper limit of Rs 50,000 for deposits into these accounts.
"Any legitimate deposit in Jan Dhan account, the person concerned would not be put to any inconvenience. I take this opportunity to appeal all the Jan Dhan account holders not to allow themselves to be used by other people for putting (illegitimate) money in their accounts," he said.
After a review meeting taken by Prime Minister Narendra Modi on Monday night to discuss the situation, the Government has set-up a high-powered group under the Cabinet Secretary to monitor supply of essential goods in the wake of disruption of trade due to shortage of currency notes.
Besides, a task force has been constituted to monitor circulation of fake currency notes in vulnerable areas and to keep a watch on black money being deposited in the system.
On augmenting delivery channels, Das said cash availability with the District Central Cooperative Banks (DCCBs) and 1.3 lakh post offices has been enhanced which should be able to meet the requirements of rural population.
Besides, the religious organisations or temple trusts are encouraged to deposit smaller denomination of notes, which usually come to them, he said, adding that it will help increase supply of lower denomination currency into the market.
To promote electronic payments, he said, the Government has decided to set up a technology team to popularise e-wallet.
A task force has also been set up that will draw a plan of action for shifting of the old notes and storing of the old notes in other place so that banks and post offices continue to get new notes.
Asking people not to fall prey to rumours like shortage of salt and bankers going on strike, Das said the Government will ensure adequate availability of cash as well as essential commodities.
"The supply of essential commodities is very closely monitored. The Cabinet Secretary is heading a group of secretaries and other senior official to monitor movement and supply of essential commodities across the country," Das said.
The Cabinet Secretary will also head a coordination group that will include senior representatives of the banks to monitors various decision taken by the Government to ease currency availability in the market, he added. Das said Micro ATMs are being installed at banks which would be functional from Wednesday and the major cities will have this indelible ink available from Tuesday itself.