RBI chests overflowing with old notes, depositing them in state govt’s treasuries
Patna,(BiharTimes): The Reserve Bank of India (RBI) is putting fresh deposits of the old scrapped notes in the treasuries of the state government as all its currency chests in Bihar are overflowing with demonetized Rs 500 and Rs 1,000 notes.
Reports said that since most of the 136 permanent currency chests of RBI in Bihar are filled with old notes, it recently urged the state government to allow it to use its treasuries in 37 districts. “There is no space left in our currency chests. Hence, we have taken consent from Bihar government to use its treasuries in all districts, except Patna, to deposit the old notes of Rs 500 and Rs 1,000. The process of putting the old notes in the treasury of the state government has already started,” a senior RBI official was quoted in the Times of India.
Currency chests are facilities for storage and distribution of currency notes in select branches of scheduled banks authorised by RBI. These are actually storehouses where banknotes and rupee coins
are stocked on behalf of the RBI. The branches having currency chests distribute and receive currency notes and coins to and from other bank branches in their areas of operation.
“The authorised currency chests are established in a hall at the select bank branch. The hall has several large cabinets having drawers. Each drawer is labelled for currency notes of different denominations, and the notes and coins are stored accordingly,” a retired banker was quoted in the daily.
Patna,(BiharTimes): The Reserve Bank of India (RBI) is putting fresh deposits of the old scrapped notes in the treasuries of the state government as all its currency chests in Bihar are overflowing with demonetized Rs 500 and Rs 1,000 notes.