DCM (Plg) No. 1459/10.27.00/2016-17
The Chairman / Managing
Director/ Chief Executive Officer,
(All banks maintaining currency chests)
Deposit of Specified Bank Notes
(SBNs) – Chest Balance Limit / Cash Holding Limit
Please refer to our circular.
DCM (CC) No. 2598/03.02.05/2009-10 dated October 27, 2009, which inter alia
stated that the balance in a currency chest, exceeding the Chest Balance
Limit / Cash Holding Limit will be deemed to be bank’s own cash, not allowing
for inter-chest fungibility.
2. In the wake of deposits of
SBNs in massive quantity and accumulations thereof, the above instructions
have been revisited and banks are advised as under:
deposited in the currency chests, since November 10, 2016 will be
considered as part of the chest balance in the soiled note category but
such deposits will not be reckoned for calculating Chest Balance Limit /
Cash Holding Limit.
review of the above will be taken up in the second fortnight of February
(P Vijaya Kumar)
Chief General Manager