After the much controversial call was taken by Prime Minister Narendra Modi on the eve of November 7th 2016 about the demonetization of Rs. 500 and Rs. 1000 currency notes, the country saw an uproar of grief along with the applause for the step taken towards progress of the country. And although it meant a little patience on the part of the common man, it was all for the greater good is what we thought. Now the demonetization scheme takes another twist with banks dotting the fingers of the citizens, who come to exchange their old currency, with indelible ink. Yes, now you get to show the pink note and the black finger!
Unsurprisingly but much unpleasantly, this has heard another hue of cry from many people, politicians included. Citizens and VIPs are slashing at Narendra Modi and his government left, right and centre. Holding him accountable for this pitiful state they are in. As if the log, exhausting wait in queues wasn’t enough, they have to now prove their innocence? The Twitterati were furious and questioning if this new regime was even plausible.
But probably a good step would be to stop for a moment and enlighten ourselves on what actually is the policy. The indelible ink will be marked on your finger to stop corrupt persons from exchanging black money in small amounts repeatedly so as to not get caught. It is also aimed at lessening the crowds at the bank institutions so as to make it convenient for the common people to exchange their old currency. Why this became a necessary step is because supposedly there were reports of corrupt officials exchanging their black money through the ‘Jan Dhan’ accounts of the poor sneakily.
“The reason for long queues at banks and ATMs is that the same people keep coming again and again at different places. We have received reports that many people are trying to convert black money into white and they have organised groups of people and are sending them to exchange money,” Shaktikanta Das, Econmic Affairs Secretary, said at a news conference. He also said “To solve this problem, we have decided to use indelible ink marks, similar to elections, at cash counters. This will start today in major cities. The situation is improving day by day. We are sure it will ease out in the coming days. There is no reason to panic. There is enough stock of notes available in the system. Government is constantly monitoring the situation,” Das said.
Indelible ink is only for exchange of old notes.
— Shaktikanta Das (@DasShaktikanta) November 15, 2016
So now that we know that ‘what’ and ‘why’ of the situation, let’s look at the ‘how’ and ‘what if’. The policy is as follows, you can exchange up to Rs. 4,500 only ONCE till December 30th 2016 and from one bank only. So does that mean we have to spend the rest 50 days counting the cash on our fingertips and being miser misters? No, you can deposit all your old currency into your bank account and withdraw from ATMs that have a daily limit of Rs. 2,500. For all other express needs with greater figures involved, you can do cashless online or any electronic/cashless mode of payment. But then comes the question of what about people who don’t have such bank accounts of Net Banking. In such scenarios you can either open a bank account of your own, or deposit the money into an existing account of your friend/family. In the latter case, you need to provide a valid ID proof of yours and the acquaintance along with a written authorisation from the account holder. And in case you don’t have an ATM card, you can withdraw cash against withdrawal slip or cheque that is subject to a weekly limit of Rs. 24,000 (till 24th November 2016). There is no daily limit for this transaction.
For other queries you could always visit RBI site for more detailed information or reach out to the bank employees directly. And agreed that this kind of change does seem like a Pandora’s box has been opened, but it is a step towards a better economy and better country. Whatever may be the short comings of the scheme, it is still aimed at a long-term progress rather than short term stresses. So for now, even if we may face some inconveniences, let us bear them just like the corruption that we have born for years, only now the weight of the country is on our shoulders, not that of bribes and black money. Get ready to be inked with integrity!
