RBI/2016-17/147
DCM (Plg) No.1341/10.27.00/2016-17
November
22, 2016
The Chairman / Managing
Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural
Banks /
Urban Co-operative Banks / State Co-operative Banks
Dear Sir,
Withdrawal of Legal Tender
Character of existing ? 500/- and ? 1000/- Specified Bank Notes (SBNs) –
Fraudulent Practices
It has been brought to our
notice that at certain places, few bank branch officials, in connivance
with some miscreants, are indulging in fraudulent practices while
exchanging SBNs in cash / accepting SBN deposits into account.
2. Banks are, therefore, advised
to ensure that such fraudulent practices are stopped forthwith through
enhanced vigilance and take stern action against officials involved in such
activities.
3. Banks should ensure strict
compliance with the instructions issued with regard to exchange of SBNs as
also deposit of such notes into the accounts of their customers. Towards
the same, the bank branches are required to maintain proper record of the
following;
i.
Denomination-wise
details of Specified Bank Notes and aggregate value of non-SBN note
deposited in the account of each deposit or loan customer from November 10,
2016 onwards.
ii.
Customer-wise
and denomination-wise record in respect of SBNs exchanged by walk-in and
regular customers.
Banks should also be in
readiness to provide these details at short notice.
4. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
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