Another masterstroke that came from the
Modi led government on Tuesday in its fight against Black Money after
its demonetization move is the use of indelible ink to prevent people
from making more than one bank transaction from a single bank branch in a
day. This inedible ink is much like the one used during elections, the
banks have been given operational instructions to differentiate between
repeat customers and first time customers for the day.
Affairs Secretary, Shaktikanta Das told the media that Prime Minister
Modi held a review meeting with top officials of RBI on the aftermath of
the demonetization of INR 1000 and INR 500 notes. The decision to use
the indelible ink on the fingers of customers was taken in that meeting.
He also asked the public not to panic and don’t get mislead by some
false messages floating on various social media platforms. He also
reassured people that there is no dearth of cash with the government; it
has enough cash to exchange.
move has been started with a few cities to see how it goes. India being
such a massive country by population has huge crowds gathering up at
ATMs and bank counters. To control this massive army of customers, the
government is taking all possible steps to make the situation for people
in the crowds as tolerable as possible. Many businessmen or rich people
have instructed their employees or servants to line up in the queue of
banks to do the transactions of the former, these employees get early in
the lines and other people are left standing in these long lines, thus
limiting the number of transactions by the banks per person would give
equal opportunity to other people to exchange their old notes.
practice would also check money laundering as multiple small
transactions cannot be done to whiten the black money. Banks have been
asked to keep a watch on the people who return to their branches. This
is also expected to curb the misuse of the facility. Also, in its
efforts to make this trying situation as easy as possible the government
has taken steps to enhance the cash availability with banks and post
offices to meet the increased demand. In this regard various religious
institutions have been asked to deposit all the smaller denomination
notes received by them from the donors in their bank branches as soon as
possible. This step would help increase the cash availability with the
banks. Also, a coordination group, including senior representatives of
banks, has been set up to monitor all the steps taken by the government.
Jan Dhan Yojna (JDY) accounts are under high scrutiny as black money
hoarders can use JDV account holders to stack their black money in the
latter’s accounts. The government is leaving no stone unturned, special
task force teams have been set up to study and investigate all the
annulled notes received or collected by various banks and post offices.
These teams also study the infusion of fake currencies in the system.