Breaking News! Banks Have Changed The Rule For Exchange Of Your Old Notes “For Tomorrow”

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NEW DELHI: Banks across the country will allow only senior citizens to exchange their old currency notes on Saturday.

“Banks tomorrow won’t be doing an exchange of notes at bank branches, an only senior citizen can exchange their notes,” Rajiv Rishi, the chairman of the Indian Bank Association, said.

“All other services at banks will be operational and tomorrow we will complete our pending work,” he added.

Commenting on the recent introduction of indelible ink marks on index fingers of those exchanging notes, Rajiv said, “Using indelible ink reduced queues substantially, it has come down to 40% of what it was initially”.

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Since Wednesday, banks have started applying indelible ink mark on the right hand index finger of customers in the select metro cities to stop repeat money exchangers thronging banks with invalid currency notes.

Earlier today, the government had warned that those who have allowed others to deposit money in their bank accounts, will be prosecuted for abetment under the Income Tax Act.

The finance ministry’s directive comes against the backdrop of reports that some are using other persons’ bank accounts to convert their black money into new denomination notes. If it is established that the money deposited in bank account does not belong to the account holder, it would be subject to tax, interest and 200 per cent penalty.

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Since Prime Minister Narendra Modi’s surprise announcement on November 8 to demonetise higher denomination notes of Rs 500 and Rs 1,000, banks and ATMs across the country have been witnessing serpentine queues to exchange now-invalid currency notes. Last week, banks across the country were open on both Saturday and Sunday to help the sudden currency crisis in the economy.

On Thursday, the government halved the limit of exchange of defunct notes to Rs 2,000. With effect from today, individuals can exchange invalid 500 and 1,000 rupee notes totalling Rs 2,000, as against Rs 4,500 earlier, till December 30.

News Source: Times of India

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