The Reserve Bank of India has asked all banks to send details of fake notes detected during exchange and deposits and also main records of new bank notes in view of seizures by Income Tax Department.
New Delhi: The Reserve Bank of India has asked all banks to send details of fake notes detected during exchange and deposits and also main records of new bank notes in view of seizures by Income Tax Department.
The move from the Reserve Bank comes in view to ascertain the amount of counterfeit currency that have been detected by banks during exchange of old and now-defunct high value notes.
Moreover, with the Income Tax Department seizing crores in new currency notes, the RBI has aked banks to maintain a record of the same.
Meanwhile, banks are required to send details of fake currencies in three different dates, the first of which is December 16.
The RBI in an advisory issued to banks earlier had said that banks needed to daily report the counterfeit notes detected from specified bank notes (i.e. Scrapped old Rs 500 and Rs 1,000 notes) received by them till December 30, 2016.
"In continuation by the same, the banks are advised to send branch-wise report on detection of counterfeit notes," the RBI said in a notification.
For counterfeit notes detected between November 10 to December 9, banks need to furnish the report in a specified sheet prescribed by the RBI on December 16.
For reporting period December 10-16, the details are to be sent on December 23; while for December 17-30 period, RBI has asked them to send report on January 6, 2017.
The RBI has also asked banks to keep details on specified bank notes (SBNs) separately for analysis later on.
As for new notes seized by the I-T department and other authorities, the central bank said in a statement that 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.
With Agency Inputs