Banks will use indelible ink when you exchange notes. Here’s the entire procedure

Thanks to demonetization, people are standing in queues in front of banks to get their old currency notes exchanged with the new ones. Since the Reserve Bank of India (RBI) has kept a limit to withdraw and exchange notes, people are going every day to get maximum cash in their hands.

Banks have reported that same people are coming everyday to exchange their old currency. This is causing big lines in front of the exchanging desks. To stop it, now banks will use indelible ink, like we have during voting, to identify people who have exchanged notes once.

“Unscrupulous elements and some syndicates have been trying to convert their black money to white and are organising groups to go to bank branches for changing currency notes. As a result what is happening is that the benefit of withdrawal of cash is getting restricted to a smaller number of people,” Economic Affairs Secretary Shaktikanta Das said.

The RBI has put in place a Standard Operating Procedure (SOP) for such exchange of Specified Bank Notes (SBNs).

So, when you enter a bank to exchange or withdraw money, this will be procedure:

• Get into the line and wait for your turn,

• When your turn arrives, show the cashier your ID and give him the old currency notes,

• The cashier will give you the new currency notes and will then apply the indelible ink on the index finger of your right hand.

• Now you won’t be able to get you currency exchanged unless the ink wears off.

The whole process from receiving to application of the ink has been shared with banks and post offices.
(image: Indiatimes)