Only senior citizens eligible to exchange currency notes tomorrow

NEW DELHI: On 19th November, banks across the country will allow only senior citizens to exchange their old currency notes.

“Banks tomorrow won’t be doing exchange of notes at bank branches, 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”.

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 abettment 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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