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Same people exchanging cash multiple times, says DEA secretary

The Economic Affair Secretary, Shaktikanta Das said that the benefit of the cash exchange has been restricted to a small number of people since same people are visiting banks again and again

Sakshi Chaturvedi

Sakshi ChaturvediBy Sakshi Chaturvedi

Published on 15 Nov 2016 7:53 AM GMT

Same people exchanging cash multiple times, says DEA secretary
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Focus on printing more Rs 500 currency notes: DEA Secy Shaktikanta Das
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New Delhi: The Economic Affair Secretary, Shaktikanta Das said that the benefit of the cash exchange has been restricted to a small number of people since same people are visiting banks again and again. "We have been trying to analyse reasons for long queues. It has come to notice that same people re visiting the banks again at some places"' he stated during a conversation with media.

The DEA secretary also said that to ease pressure on banks,a task force has been set up to look after shifting and storing of old notes. He further said,"PM Narendra Modi had reviewed the supply of currency last night, for the second time in two days. "

Indelible ink used in banks:

  • Das said that to prevent people from returning again to withdraw cash, the government has decided to use indelible ink, that is used in elections, to be used in banks. He further stated," Indelible ink would be put on the fingers of those who come to withdraw cash, just as the voters get their fingers inked after casting their votes".
  • On being asked about the new notes losing colours when wet, the DEA secretary clarified, "The new currency notes leak colour when wet, because that’s the nature of the paper the notes are made from. If your note does not lose colour, it may be fake".

What else he said?

  • The Centres focus is to activate all channels from where cash can be dispensed.
  • The government is strengthening the networks between banks.
  • The banks have been directed to provide separate counters for Divyangs and senior citizens.
  • Enough cash is available in the system. No need for the public to panic.
  • Higher cash withdrawal limit of Rs 2500 is only for re-calibrated ATMs.
  • Situation relating to supply and availability of cash was reviewed by PM Modi late last night.
  • Supply of cash to 1.3 lakh post office branches will be enhanced.

Sakshi Chaturvedi

Sakshi Chaturvedi

A journalist, presently working as a Sub-Editor at newstrack.com.

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