India to use indelible ink to stop repeat cash exchanges

AFP, NEW DELHI: India is to use indelible ink to prevent people from exchanging old notes more than once, the government said yesterday, a week after the withdrawal of high-value banknotes from circulation in a crackdown on “black money”.
The move comes after reports emerged that people were recruiting others to exchange old notes for new bills on their behalf, in an attempt to continue to keep their wealth from the tax authorities.
“We have received reports that certain unscrupulous elements, who are trying to turn their black money into white, have organised groups of innocent people and are sending them from one branch to another branch... to exchange notes,” Shaktikanta Das, secretary for economic affairs told the media.
Prime Minister Narendra Modi announced last week that that 500 and 1,000 rupee ($7.50, $15) bills -- 85 per cent of the cash in circulation—would cease to be legal tender in a crackdown on fraud and tax evasion.

India to use indelible ink to stop repeat cash exchanges

AFP, NEW DELHI: India is to use indelible ink to prevent people from exchanging old notes more than once, the government said yesterday, a week after the withdrawal of high-value banknotes from circulation in a crackdown on black money. The move comes after reports emerged that people were recruiting others to exchange old notes for new bills on their behalf, in an attempt to continue to keep their wealth from the tax authorities. We have received reports that certain unscrupulous elements, who are trying to turn their black money into white, have organised groups of innocent people and are sending them from one branch to another branch... to exchange notes, Shaktikanta Das, secretary for economic affairs told the media. Prime Minister Narendra Modi announced last week that that 500 and 1,000 rupee ($7.50, $15) bills -- 85 per cent of the cash in circulationwould cease to be legal tender in a crackdown on fraud and tax evasion.