Demonetisation: RBI lays down 6-step procedure for banks to use indelible ink
The Reserve Bank of India (RBI) on Wednesday laid down a standard operating procedure to ensure the smooth transaction of money and application of indelible ink on people’s fingers.
“Based on feedback received from various quarters, it is felt that there is a need to put in place a Standard Operating Procedure (SOP) for such exchange of Specified Bank Notes (SBNs),” RBI said.
The procedure was listed as follows:
1. While exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes only once.
2. The indelible ink would be supplied to the bank/post offices by IBA in coordination with the banks and consultation with RBI.
3. This procedure would be introduced to begin with in the metro cities and expanded to other areas later.
4. Each bank branch will be provided with black indelible ink bottles of 5 ml each. The cap of the bottle includes a small brush for applying the ink.
5. The indelible ink can be applied by the cashier or any other official designated by the bank before the notes are given to the customer so that while the exchange of notes is taking place, a few seconds elapse which will allow the ink to dry up and prevent removal of ink.
6. Indelible ink on the index finger of the left hand or any other finger of the left hand may not be used as a pretext to deny exchange of old notes.
Also Read: Demonetisation: Banks to use indelible ink to ensure people change cash only once
State Bank of India (SBI) have already started the application of indelible ink at the following branches:
1. Special Pb Branch , sansad Marg
2. SBI Delhi Main Branch
3. Ajmal khan road
4. Padam SINGH Road
5. New Rajendra Nagar
7. CGO complex
10. Sangam Vihar
11. Dakshin Puri
In order to ensure that people exchange their old Rs 500 and Rs 1,000 notes only once up to Rs 4,500 only the RBI has reinstated this procedure of application of indelible ink on people’s index finger.
The move followed PM Narendra Modi’s decision to demonetise old currencies on November 8.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.