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New measures taken by the government to help bank customers

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Published on 15 Nov 2016 11:50 AM GMT

New measures taken by the government  to help bank customers
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Lucknow: Nearly a week after the implementation of the demonetisation scheme, the Union government has noticed the leakage points and tried to plug all of them. It has also found the reason for long queues in some major towns and complaints that most of the automatic teller machines and bank branches have gone dry.

It is precisely for these reasons that certain new decisions have been taken by the government. One of them is to use indelible ink on the fingers of those who are exchanging notes or withdrawing cash , as was done during elections to prevent bogus voting. The government suspects that it was being done by organised groups of people to defame the scheme and the government. The possibility of some opposition parties' hand cannot be totally ruled out in this connection.

There was no shortage of cash, at least in major town. Still. there were complaints, This problem is likely to ease with the new arrangement. some other loopholes have been also filled. For instance, misuse of zero-balance Prime Minister Jan Dhan Yojna. The government had noticed sudden increase in deposits in the scheme which has been put under radar now.

A special task force has been set up to monitor large cash infusion where ever it is being made. It is also likely to discourage those who are using these routes to convert black money into white.

New Rs 2000 notes which are being distributed now have a special security feature which will make duplication difficult. These notes lose colour when they go wet.

The scheme has already helped the government, at the centre and in the states, collect considerable amount of dues in utilities like power where old notes are allowed to be used for payments. In addition, Rs three lakh crores of old high denomination notes were collected in first four days of implementation of the scheme. As much as Rs 14 lakh crores of Rs 500 and Rs 1000 notes were in circulation in the country which have to be exchanged. The December 30, deadline for exchange, therefore, is likely to be met.

Also read: RBI refuses to exchange Indian currency notes deposited in Nepal

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