RBI asks banks to not destroy CCTV recordings of demonetisation interval

RBI asks banks to not destroy CCTV recordings of demonetisation interval

The RBI on Tuesday requested banks to protect the CCTV recordings of their branches and foreign money chests from November 8, 2016, to December 30, 2016, until additional orders with a view to aiding the enforcement companies to take actions in opposition to individuals concerned in unlawful actions in the course of the demonetisation interval.

The federal government had demonetised the then in circulation excessive worth foreign money notes of Rs 500 and Rs 1,000 on November 8, 2016, with an goal to verify blackmoney and curb terror funding. As a part of the train, the federal government gave the chance to the folks to change junked foreign money notes (referred as Specified Financial institution Notes) or deposit them of their financial institution accounts.

New foreign money notes of Rs 500 and Rs 2,000 denominations have been additionally issued after withdrawal of SBNs. Enormous crowds have been witnessed at financial institution branches throughout the nation for exchanging or depositing the demonetised foreign money.

On the idea of varied inputs, the investigative companies additionally began probing issues regarding unlawful accumulation of latest foreign money notes.

To be able to facilitate such investigations, the RBI has requested the banks to not destroy the CCTV recordings of the interval of demonetisation until additional orders.

“…retaining in view the investigations pending with regulation enforcement companies, proceedings pending at numerous courts, you might be suggested to protect the CCTV recordings of operations at financial institution branches and foreign money chests for the interval from November 08, 2016 to December 30, 2016 in a correct approach, until additional orders,” the RBI mentioned in a round to banks.

The current order is a continuation of an earlier advisory issued to the lenders in December 2016 to protect the CCTV footage of operations at financial institution branches and foreign money chests.

Of the Rs 15.41 lakh crore price Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the notice ban was introduced, notes price Rs 15.31 lakh crore have been returned.

(Solely the headline and movie of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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