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Business News/ Industry / Banking/  RBI tells banks to preserve CCTV footage to track people hoarding new notes
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RBI tells banks to preserve CCTV footage to track people hoarding new notes

After demonetisation, there have been reports of hoarding of new currency notes by unscrupulous elements at various bank branches across the country

Earlier in October, the RBI had asked banks to cover the banking hall/area and counters under CCTV surveillance. Photo: Aniruddha ChowdhuryPremium
Earlier in October, the RBI had asked banks to cover the banking hall/area and counters under CCTV surveillance. Photo: Aniruddha Chowdhury

Mumbai: Reserve Bank of India (RBI) has asked banks to preserve CCTV footage of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation.

The RBI, in a notification issued on Tuesday, said banks should “preserve CCTV recordings of operations at bank branches and currency chests for the period from 8 November to 30 December 2016, until further instructions".

Also Read: Report fake currency notes details daily, RBI tells banks

The RBI said the move will “facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes". Earlier in October, the RBI had asked banks to cover the banking hall/area and counters under CCTV surveillance and recording and preserve the recording to help identify people abetting circulation of counterfeit notes.

Also Read: Demonetisation: JDS leader, RBI official arrested by CBI

After demonetisation, there have been reports of hoarding of new currency notes by unscrupulous elements at various bank branches across the country. The Income-Tax Department is carrying out raids across the country on a regular basis since demonetisation to nab new currency hoarders and several people, both individuals as well as bank officials, have been booked so far for carrying out such illegal activities.

The government has said abolishment of these high denomination banknotes is intended to bring back unaccounted money into the system, curb fake currency circulation as well as to deter terror financing.

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Published: 13 Dec 2016, 05:42 PM IST
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