RBI asks banks not to destroy CCTV recordings of demonetisation period


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.)

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