The Reserve Bank of India (RBI) has taken measures to decongest storage facility of banks, which were loaded with old 500 and 1,000 rupee notes. It has decided to allow lenders to park such currencies at currency chests at the district level in view of mounting deposits due to the domonetisation drive.
The RBI said a currency chest operating at the point to be called Designated Chest -DC will be required to operate a separate vault — to be named Chest Guarantee Vault CGV as an extended arm of it.
RBI said in a notification, preferably Banks not having any currency chest, will deposit such notes in sealed boxes and will get the value of the notes to the credit of their current account with the chest branch. The facility will also be available at post offices if they are maintaining current account with the chest branch managing CGV.
RBI also said expenses relating to round the clock guarding will be borne by the central bank, if necessary. Besides, expenses relating to remittance of old currency notes to RBI will also be borne by the apex bank. Further, the regional office of RBI will arrange evacuation of notes from the district chest on priority basis.
