In a statement, the Reserve Bank of India (RBI) stated this was being done as this was necessary āto facilitate coordinated action by enforcement agencies in dealing with matters relating to illegal accumulation of new currency notesā.
On December 12, the banks were asked to keep a record of the new bank notes in view of seizures by the Income Tax Department among others of large quantities of high denomination notes.
It was necessary to put in place a proper reporting system to keep track of issuance of these banknotes by currency chests, read the statement.
At the day’s conclusion, the daily record of issuances should be signed by joint custodians and the branch manager.
On December 12, the Union Finance Ministry asked all public banks to maintain record of deposits made through old Rs 500/1,000 notes and other valid currencies. In a letter written to CEOs of public banks, the ministry said records should be maintained of Specified Bank Notes (SBNs) and non-SBNs is a must in the bank record and the customer’s record.”
The letter asked all bank MDs to send action taken report in this regard by December 16, any deviation in this regard must be avoided.