Notes, Coins to Have Separate Space in Currency Chests Now

Image result for Notes, Coins to Have Separate Space in Currency Chests NowMumbai: The Reserve Bank of India (RBI) on Thursday asked banks with large currency chests to have separate storage space for coins and notes to beef the security.

In October 2016, RBI had set up a committee on currency movement (CCM), under the chairmanship of its executive director D K Mohanty to review the entire gamut of security of treasure in transit.

The committee recommended the steps for relating to standardisation of storage facilities in currency chests. RBI has examined the recommendations and have asked banks to implement them.

“The currency chests (CCs) having large vault space shall consider segregation of storage of coins inside the vault duly segregated by mesh structure or barricades without obstructing clear view and CCTV coverage,” RBI said in a notification.

Those currency chests that do not have sufficient storage space inside the vault to segregate storage of coins, may continue to store the coins under CCTV coverage, in a manner so that notes and coin spaces are clearly identifiable.

The central bank asked banks colour code their bins for identification of denomination details and clear segregation of fresh, re-issuable and soiled notes.

The bins containing notes that are yet to be processed on note sorting machines (NSMs) shall also be colour coded separately, it said.