To curb multiple withdrawals, indelible ink to be used by banks

As any surgical strike in military aims at damaging maximum assets of the enemy similarly the surgical strike on Rs 500 & Rs 1000 notes in India meant to target cash hoarders of black money or unaccounted money is showing some unintended results. Commoners across India are suffering due to cash crunch and even as people try to withdraw money in a panicky situation banks have invented an innovative way, probably the first time ever in banking history of India, to disallow multiple withdrawals. 

The indelible ink will be used at banks to identify those people who have already withdrawn new notes. This exercise will ensure that people are not drawing more than their fair share. This mechanism is similar to the one used to prevent multiple voting in elections.

According to senior officers looking after the affairs of demonitisation, certain people are trying to convert their black money into white and are sending their trusted people from one branch to another branch for exchanging notes. So the same people are effectively withdrawing the new notes. 

PM Modi has previously announced that Rs 500 and Rs 1000 notes will be banned from markets and has promised to take the fight against corruption to a new level. Modi has asked the nation to give him just 50 days to clean up the system.