Demonetisation of Rs 1,000 and Rs 500 Notes - Now, an indelible mark to stop multiple note swaps Tuesday Nov 15,2016

To prevent blackmoney hoarders from approaching many banks for exchanging their unaccounted cash, the government has decided to mark customers swapping the old notes with indelible ink.

“Unscrupulous elements and some syndicates have been trying to convert their black money to white and are organising groups to go to bank branches for changing currency notes,” said Economic Affairs Secretary Shaktikanta Das on Tuesday Nov 15,2016

“As a result what is happening is that the benefit of withdrawal of cash is getting restricted to a smaller number of people.”

The Prime Minister’s Office has been constantly reviewing the implementation of the government’s decision to withdraw ₹500 and ₹1,000 currency notes and replace them with new ₹500 and ₹2,000 notes. While the Centre is taking corrective measures to ensure smooth implementation, the Supreme Court on Tuesday heard PILs filed against the government decision.