Published On : Wed, Nov 16th, 2016

Banks use marker pens instead of indelible ink


Nagpur: Banks were directed to start using indelible ink to ensure that people only change old notes for new ones once under Prime Minister Narendra Modi’s scheme to fight “black money”, resorting to a tactic used to prevent multiple voting in elections.

The move by Finance Ministry and RBI was to prevent “unscrupulous persons” from sending people from one bank branch to the next to exchange old notes. Individuals are allowed to swap Rs 4,500 just once. According to Economic Affairs Secretary Shaktikanta Das, the bank officials found the same people coming back again and again. Thus huge queues were preventing honest people from getting the cash they need.

Reality check
Nagpur Today ventured out to different banks and found that many were yet to implement the novel way to prevent multiple exchanges of old demonetized notes. Most of the Head-offices claimed that they have sent the list for approval and once okayed, they will use the indelible ink. Some banks used permanent markers on the end of finger nails and finger on the reverse of palm on the ring finger.

While we were still covering the manner in which the bank employees are attempting this, some people including two ladies approached the bank official to complain that the ink has been erased when she rubbed it.

However, many banks did procure indelible ink and had marked the people who had come to exchange demonetized notes. The success of the move to prevent multiple exchanges of old demonetized notes may not be so successful after all since many youngsters enthusiastically showed how the ink could be removed.