Telangana News

The Reserve Bank of India has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetization. 

RBI in an official notification said banks should “preserve CCTV recordings of operations at bank branches and currency chests for the period from November 8 to December 30, 2016, until further instructions”.

The central bank said the move will “facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to the illegal accumulation of new currency notes.” 

Prior to the demonetization, on October 27th, RBI issued a notification, asking the banks to cover the banking hall/area and counters under CCTV surveillance and record to facilitate identification of people abetting circulation of counterfeit notes. 

Adding to it, the RBI also instructed all the banks to do central data checking and its supervisors are carrying out a similar exercise on various data points of banks. 

The apex bank, on Monday, had directed banks to keep a record of new currency, in view of seizures by IT Department and other law enforcement agencies of large quantities of high denomination notes. 

Post demonetization, there have been several reports of hoarding of new currency notes by unscrupulous elements at various bank branches across India. Even the bank officials, along with the individuals were caught carrying the illegal activities.