Ink mark to prevent misuse of permissible limit withdrawals!
Q. Which measure has been proposed so banks don’t tender more than permissible limits in ongoing demonetisation ?- Published on 16 Nov 16a. Indelible ink marks on fingers for OTC withdrawals
b. Aadhaar card to be displayed at time of withdrawal
c. Proof of identity to be displayed at time of exchange
d. Both a and c
e. All the above
ANSWER: Both a and c
Government of India has asked banks to use indelible ink to ensure that people do not withdraw more than the permissible limit by going to different bank branches
- The government has noted that the same people have been coming again and again to withdraw money and this is causing long lines
- People are also trying to convert black money by sending many people to different branches
- Branches will now resort to indelible ink marks for over the counter withdrawals
- Government has also asked religious institutions which receive donations in smaller denomination notes to deposit these in bank accounts to increase their supply in circulation
- There are enough currency notes with the banks and the system according to the government which is closely monitoring the supply of cash and essential commodities
- To prevent infusion of fake currencies in vulnerable areas, the government has also constituted a special task force to keep a watch.
- Technology team has been formed to popularise the use of e-wallets and ensure ATM recalibration progresses apace
- Economic Affairs Secretary Shantikanta Das also clarified that the phenomenon of colour running in the new INR 2000 notes was normal
- In rural areas, people are taking the name of farmers to prevent tax: agricultural income in rural areas is tax free
- The steps have been taken to enable bona fide farmers to withdraw cash for purchase of seeds, fertilisers and sowing operations
