RBI stated that the new currency chests have felt necessary to put in place a suitable reporting system to maintain track of issuance of these banknotes.
The banks were directed by the Reserve Bank of India to keep record of new bank notes which are seizures by the Income Tax Department and other law enforcement agencies of the large amount of high quantity notes.
Related post – RBI may allow Forex Hedging by MNC Subsidiaries
RBI stated that the currency chests have felt necessary to put in place a suitable reporting system to Maintain track of issuance of these banknotes.
The RBI advises the banks to maintain a daily record of issuance at link branches level and at the new currency chest level, to show the serial numbers of Rs 500 and over received from RBI as allowance and issuance to their own branches, branches of post offices other banks, on the basis of branch and quantity on daily basis.
Related post – RBI Relaxes norms for foreign Investment
At the end of the day the branch manager and joint custodians should sign the daily records of the issuances. Yesterday, all public sector banks were asked to strictly maintain the records of deposits made all the way through both old 500 and 1000 notes and other valid currencies, by the Finance Minister.
The Finance Ministry wrote in a letter to chief executive officers of public sector banks that “it is essential to maintain the records of both bank and customers whether the deposit is of Specified Bank Note (SBN) or Non Specified Bank Note.
Related post – RBI to cut rates by 25 bps on Aug 9 if rains damp pulse…
” The Financial Services addressed to all the Managing Directors of state-owned banks and chairman of Indian Banks’ Association, with the letter, and intended for them to take it on imperative basis and send action considering report in this regard by December 2016.
It has been written that this must be considered scrupulously and any deviation in this regard has to be prohibited and dealt with firmly and instantly if noticed.
The post Banks are asked to maintain records of new currency appeared first on Mcr World.