People With Indelible Ink Marks Can Exchange Money Multiple Times With Verification
Indelible ink mark not to inconvenience citizens, but reduce the stress says MoS Finance
The government’s decision to use indelible ink to mark customers exchanging defunct Rs 500 and Rs 1,000 currency notes threw up some confusion on how the process would work.
A day after Economic Affairs Secretary Shaktikanta Das made the announcement, Minister of State for Finance Arjun Ram Meghwal told BloombergQuint that bank managers will have the discretion to decide if anyone with an indelible ink mark can be allowed to exchange old currency notes more than once.
The idea behind this exercise was not to cause more inconvenience, Meghwal said, but to discourage some people from lining up outside banks every single day, adding to the pressure of an already stressed banking system, Meghwal said. There will no restriction on exchanging cash if the customer genuinely needs it, he added.
Meghwal also made the case for a decline in home loan rates as cash deposits increase.