RBI asks banks not to destroy CCTV recordings of demonetisation period

Joseph B. Hash

The RBI on Tuesday asked banking companies to protect the CCTV recordings of their branches and currency chests from November 8, 2016, to December thirty, 2016, until even more orders with a see to helping the enforcement businesses to consider steps versus people concerned in unlawful things to do in […]

The RBI on Tuesday asked banking companies to protect the CCTV recordings of their branches and currency chests from November 8, 2016, to December thirty, 2016, until even more orders with a see to helping the enforcement businesses to consider steps versus people concerned in unlawful things to do in the course of the demonetisation period of time.

The authorities had demonetised the then in circulation higher value currency notes of Rs 500 and Rs one,000 on November 8, 2016, with an intention to verify blackmoney and suppress terror funding. As portion of the training, the authorities gave the opportunity to the folks to trade junked currency notes (referred as Specified Bank Notes) or deposit them in their financial institution accounts.

New currency notes of Rs 500 and Rs two,000 denominations were also issued right after withdrawal of SBNs. Big crowds were witnessed at financial institution branches throughout the nation for exchanging or depositing the demonetised currency.

On the foundation of numerous inputs, the investigative businesses also started probing issues relating to unlawful accumulation of new currency notes.

In get to aid these kinds of investigations, the RBI has asked the banking companies not to destroy the CCTV recordings of the period of time of demonetisation until even more orders.

“…preserving in see the investigations pending with regulation enforcement businesses, proceedings pending at numerous courts, you are advised to protect the CCTV recordings of functions at financial institution branches and currency chests for the period of time from November 08, 2016 to December thirty, 2016 in a suitable way, until even more orders,” the RBI stated in a circular to banking companies.

The current get is a continuation of an before advisory issued to the loan providers in December 2016 to protect the CCTV footage of functions at financial institution branches and currency chests.

Of the Rs 15.forty one lakh crore worthy of Rs 500 and Rs one,000 notes in circulation on November 8, 2016, when the note ban was introduced, notes worthy of Rs 15.31 lakh crore have been returned.

(Only the headline and picture of this report might have been reworked by the Business enterprise Typical staff members the rest of the written content is vehicle-generated from a syndicated feed.)

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