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Indelible ink to prevent multiple cash withdrawals

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Ink New Currncy

New Delhi, 15 Nov 2016 : Indelible ink will henceforth be used, as is done during elections, to prevent people from making cash withdrawals more than the permissible limit from bank counters, the government announced on Tuesday.

Economic Affairs Secretary Shaktikanta Das told the media that Prime Minister Narendra Modi held a second review meeting on demonetisation with officials of the Finance Ministry and the Reserve Bank of India (RBI) to ascertain why long queues were continuing at banks.

“It was found that in many places, the same set of people are coming to get cash. They are going from one branch to another branch. As a result, the benefit of withdrawal is getting restricted to a few people,” Das said.

“To prevent this, indelible ink marks will be made, like in elections, at the bank cash counters,” he said, adding unscrupulous elements were trying to convert their black money into white by going to different bank branches several times in a day.

Operating instructions will be issued to banks on how to use indelible ink and this process will start in all major cities from Tuesday, he said.

At the moment, the daily withdrawal limit from ATMs is Rs 2,500, while for exchange of old notes from bank counters it is Rs 4,500. This apart, the upper limit for weekly withdrawal from bank accounts stands at Rs 24,000.

The government earlier permitted old Rs 500 and Rs 1,000 notes, totalling Rs 4,000, to be exchanged till December 30. Later, the limit was revised to Rs 4,500. The government had also said the decision would be reviewed after 15 days.

Addressing reports of Jan-Dhan accounts being used by other people to deposit their unaccounted cash, Das said the government has decided to set an upper limit of Rs 50,000 for deposits in these accounts.

“Some people are misusing Jan-Dhan accounts to deposit black money. Up to Rs 50,000 can be deposited in Jan-Dhan accounts,” he told reporters.

Das said the legitimate Jan-Dhan account holders would not be put to any kind of difficulty but the source of deposits of above Rs 50,000 into these accounts will be tracked and verified.

“A close watch is being kept on them (deposits in Jan-Dhan accounts),” he said.

“Jan-Dhan account holders should not allow other people to use their accounts to convert their black money into white. Banks have been advised to keep a close watch on cash movement,” he added.

For other accounts, Finance Minister Arun Jaitley had earlier said authorities will not make inquiries into small deposits of Rs 1.5-2 lakh.

Dismissing rumours about some institutions planning a strike against the government’s demonetisation move, he said the pictures being circulated on the social media were a year old.

“Don’t believe rumours spread on the social media about certain institutions going on strike. On zooming the (strike) picture on the social media, it was found to be from 2015,” Das said.

To ease liquidity crunch, Das said, it was decided at the review meeting to constitute ‘technology teams’ to popularise e-wallets among people and hasten the pace of recalibrating the ATMs for the new high-denomination notes.

Jaitley had earlier said it will take two-three weeks to recalibrate the ATMs. All ATMs in India needed to be calibrated afresh to disburse the newly minted Rs 500 and Rs 2,000 notes as per their weight, dimensions, design and security features.

Among other measures, separate green channels of micro ATMs were being created in banks across the country and a task force had been formed to monitor stocking and transfer of old notes, he said.

Assuring the people of enough cash availability with the bank branches and post offices, Das added that there was no reason for panic.

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PDP chief Mehbooba Mufti released from detention after 14 months

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

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Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

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Swimming pools for training of sportspersons to open with SOP from Oct 15

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SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

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Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

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