RBI has issued the Master Direction on Penal Provisions in reporting of transactions / balances at Currency Chests.
The following has been stated
Reporting of Currency Chest (CC) Transactions
The minimum amount of deposit into / withdrawal from currency chest shall be ₹1,00,000/- and thereafter, in multiples of ₹50,000/-.
Time Limit for Reporting
The currency chests shall invariably report all transactions through CyM-CC portal on the same day by 7 pm.
Opening of Currency Chests on Sundays or Holidays – Reporting in CyM
In case CyM CC portal is available on the day a specific CC is permitted to operate (i.e. on a local holiday), the CC shall report the transactions in CyM on the same day. In case CyM-CC portal is not available on the said day (i.e. on a global holiday / 2nd or 4th Saturdays of the month / Sunday), the CC shall report denomination-wise consolidated deposit and/ or withdrawal amount and denomination-wise chest closing balance of the day by 7 pm to the concerned Issue Office of RBI by e-mail and report day’s transactions on CyM on the next working day.
Levy of Penal Interest
Delay in Reporting
In the event of delay in reporting currency chest transactions, penal interest at the rate indicated in paragraph 4 of this circular shall be levied on the amount due from the chest holding bank for the period of delay. Penal interest shall be calculated on T+0 basis i.e. penal interest shall be levied in respect of transactions not reported by currency chests to the Issue Office on the same business day within the time limit prescribed above.
Wrong Reporting
Penal interest shall be levied in respect of cases of wrong reporting in the same manner till the date of receipt of corrected advice by the Reserve Bank. As debits / credits to banks’ current accounts are raised on the basis of the transactions reported by the currency chests, penal interest shall invariably be levied in all cases of wrong reporting by the currency chests. It is expected that currency chests would ensure the correctness of figures reported on the CyM-CC portal. Particular care shall be taken to ensure that remittances of fresh / re-issuable notes sent to the currency chests from RBI / Note Printing Presses are not reported as ‘deposit’ transactions.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12809&Mode=0
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