RBI allows banks to park old currency at district chests

BE/RBI/36/2016

To unblock the storage facility of banks with the old Rs. 500 and 1000 notes, RBI has now permitted the lenders to park such currencies at the currency chest at the district level keeping in view the mounting deposits.  RBI further clarified that the Currency Chest, which is operating at the point shall be called as Designated Chest (DC) will be required to operate a separate vault which shall be named as Chest Guarantee Vault (CGV) which shall act as its extended arm. The procedure to be followed shall be:

  • Banks not having a currency chest, will deposit such notes in sealed boxes and the value of the notes will be credited to their current account with the Chest Branch.
  • This facility also will be available at Post Offices, if they are maintaining current account with the currency chest branch which manages CGV.
  • Expenses related to the guarding of the money 24×7 will be borne by the Central Bank if required.

Also, expenses relating to remittance of old currency notes to RBI will also be borne by the Apex Bank.

Author: Admin Bankedge

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