Presently, bank notes are printed and coins minted at four security presses which are received at 19 issue offices of RBI. From RBI they are further distributed to 4,000 currency chests operated by RBI. Also, the soiled and unfit notes are withdrawn by banks and remitted in the chests.
Across over 4,000 currency chests PAN India, RBI has now initiated the process of upgrading measures for secured storage and movement of currency. This is due to the high threat perception created across the country.
In the recent times, many incidents of looting cash vans and banks have been noticed at different places of the country. RBI has formulated a high level committee on currency storage and movement (HLCCSM), in order to review the Security arrangements made for storage, movement and currency processing.
Help from Global experts is also being sought by the Apex bank, to give some support in the areas of security aspects, movement and storage of currency, currency processing automation and handling of currency. Expression of Interest from experts has been invited which would identity international best practices in movement, transportation mode, storage systems followed, and also currency processing methodologies with a thrust on cost effectiveness. Also assistance is being hunted to formulate a method for movement of currency. HLCCSM is set up with the following motive.
- Changes in security environment
- Availability of Technological tools
- Ways and means to enhance security,
- Highly secured modes of transportation and
- Increasing of currency volumes.