The RBI on Tuesday asked banks to maintain the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders in order to assisting the enforcement agencies to take actions against persons involved in unlawful activities all through the demonetisation period.
The government had demonetised the then in circulation high value currency paper money of Rs 500 and Rs 1,000 on November 8, 2016, with an aim to check blackmoney and curb terrorism underwriting. As a part of the exercise, the government gave the possibility to the people to exchange junked currency paper money (referred as Specified Bank Paper money) or deposit them in their bank accounts.
New currency paper money of Rs 500 and Rs 2,000 denominations were also issued after withdrawal of SBNs. Enormous crowds were witnessed at bank branches across the country for exchanging or depositing the demonetised currency.
On the basis of quite a lot of inputs, the investigative agencies also started probing affairs on the subject of unlawful accumulation of new currency paper money.
As a way to facilitate such investigations, the RBI has asked the banks not to destroy the CCTV recordings of the period of demonetisation till further orders.
“…keeping in view the investigations pending with law enforcement agencies, proceedings pending at quite a lot of courts, you are advised to maintain the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016 in a proper way, till further orders,” the RBI said in a circular to banks.
The present order is a continuation of an earlier advisory issued to the lenders in December 2016 to maintain the CCTV footage of operations at bank branches and currency chests.
Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 paper money in circulation on November 8, 2016, when the note ban used to be announced, paper money worth Rs 15.31 lakh crore have been returned.
(Only the headline and picture of this outline may have been reworked by the Commerce Standard staff; the remainder of the satisfied is auto-generated from a syndicated feed.)
Commerce Standard has at all times strived tough to supply up-to-date information and remark on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and fixed feedback on how to give a boost to our offering have only made our get to the bottom of and commitment to these ideals stronger. Even all through these difficult times arising out of Covid-19, we continue to remain dedicated to keeping you informed and up to date with credible news, authoritative views and incisive remark on topical issues of relevance.
We, alternatively, have a request.
As we battle the economic affect of the pandemic, we need your give a boost to even more, in order that we will be able to continue to give you more quality satisfied. Our subscription mannequin has seen an encouraging response from many of you, who have subscribed to our online satisfied. More subscription to our online satisfied can only help us achieve the goals of offering you even better and more applicable satisfied. We imagine in free, reasonable and credible journalism. Your give a boost to through more subscriptions can help us practise the journalism to which we are dedicated.
Fortify quality journalism and subscribe to Commerce Standard.