Home / Business / Watch out black money hoarders! RBI is now tracking every new note in circulation

Watch out black money hoarders! RBI is now tracking every new note in circulation

A slew of arrests since November 8 – when demonetisation became effective – for money laundering or illegally exchanging currency has put RBI into action.

The Central bank has now asked all banks to keep track of the movement of new notes from currency chests. Apart from this, the RBI has also issued a set of instructions for the banks, which are:
1) Put in place a reporting system to keep track of notes being released from currency chests.

2) Banks advised to maintain, at the Currency Chest level and at link branches level, a Daily Record of Issuances showing the serial numbers of Mahatma Gandhi (New) Series banknotes in the denominations of Rs 500 and above received from RBI as remittance and issuance thereof to their own branches, branches of other banks and post offices, branch wise and denomination wise on daily basis.
3) In order to facilitate identification of people abetting circulation of counterfeit notes, banks have been told to cover banking hall/area and counters under CCTV surveillance and have been told to record and preserve the recording.
4) Banks have been told to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes.

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