Distribution of Mahatma Gandhi (New) Series Banknotes – Records

RBI/2016-17/180
DCM (Plg) No. 1683/10.27.00/2016-17

December 12, 2016

The Chairman / Managing Director/ Chief Executive Officer
(All banks maintaining currency chests)

Dear Sir,

Distribution of Mahatma Gandhi (New) Series Banknotes – Records

Please refer to our circular DCM (RMMT) No. G-5/11.01.01/2016-17 dated July 15, 2016 on Receipt and Remittance of Treasure.

2. In the wake of reported seizures by Income Tax Department and other law enforcement agencies of large quantities of high denomination bank notes it has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these banknotes by the currency chests.

3. In view of the above, the banks are advised to maintain, at the Currency Chest level and at link branches level, a Daily Record of Issuances showing the serial numbers of Mahatma Gandhi (New) Series banknotes in the denominations of ₹ 500 and above received from RBI as remittance and issuance thereof to their own branches, branches of other banks and post offices, branch wise and denomination wise on daily basis. The Daily Record of Issuances should be signed by Joint custodians and the branch manager at the end of the day. The records should be maintained requisition wise in the format detailed below:

4. The records should be preserved for a period of two years and made available for scrutiny during inspection conducted by Chest Inspection Officials of RBI and / or Banks’ Internal Auditors. Failure of the bank to maintain the records will attract penalty in terms Para 2 (iv) of our circular DCM (CC) No.G-3/03.44.01/2016 – 17 dated July 20, 2016

5. The above instructions take immediate effect.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager