Banks use indelible ink to halt repeat withdrawals
A woman shows her inked finger after exchanging 500 and 1000 rupee currency notes at a SBI bank
The government has asked commercial banks to apply an indelible ink mark on the fingers of people coming to exchange their demonetized currency notes, in order to restrict the same set of people queuing up to exchange money multiple times.
A bank employee applying ink to a customer on exchange of 500 and 1000 rupee currency notes at a SBI branch in New Delhi
Long queues at banks and automated teller machines (ATMs) continued to build up as people lined up to withdraw cash a week after the government announced cancellation of the existing Rs500 and Rs1000 notes as legal tender.
A man inked on exchange of 500 and 1000 rupee currency notes at a SBI branch in New Delhi
Economic affairs secretary Shaktikanta Das said unscrupulous elements are using some people to turn their black money into white money.
Women shows thier inked finger after exchanging 500 and 1000 rupee currency notes at a SBI bank in New Delhi
As a result, the currency exchange facility is getting restricted to a few people only while the needy are not able to use it.
A man shows his inked finger and exchanged currency notes at a SBI branch in New Delhi
They will not be applicable for cash deposits and withdrawals from bank accounts.
Business Standard is happy to inform you of the launch of "Business Standard Premium Services"
As a premium subscriber you get an across device unfettered access to a range of services which include:
Access Exclusive content - articles, features & opinion pieces
Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
Access to 17 plus years of content archives
Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
End of day news alerts on 5 companies (via email)
NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
Premium Services
In Partnership with
Dear Guest,
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.