Indian banks to use indelible ink to mop out black money
Indian banks will use indelible ink to ensure people only change old notes for new ones once under Prime Minister Narendra Modi’s scheme to fight “black money” (unaccounted-for cash). The step comes a week after the PM ordered the withdrawal of large denomination bank notes from circulation, in a shock “demonetisation” drive to fight tax evasion, corruption and forgery. The government only gave people a few hours notice before cancelling old 500 and 1,000 rupee bank notes that accounted for 86 per cent of cash circulating in Asia’s third-largest economy. The sudden move has caused huge disruption to daily life, especially for poor people who use cash. There were lengthy queues at banks in New Delhi and Mumbai as people waited in hope that cash dispensers would be refilled. But people said they are willing to put up with the hassle – as long as it doesn’t last too long.