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Banks Told To Keep Tight Watch On Cash Deposits After Demonetization
Banks told to keep record of deposits of scrapped, valid currency notes, as seizure of large hauls of old and new currency notes and gold continues.
The government has asked all public sector banks to strictly maintain a record of deposits made through both old Rs. 500 and Rs. 1,000 notes and other valid currencies to avoid any malpractices.
In a letter written to chief executive officers of public sector banks, the Finance Ministry asked that "maintenance of records regarding deposit of Specified Bank Note (SBN) and Non-SBN, as the case may be, is essential both in the bank record as well as the customer's record" reports PTI.
"The letter addressed to all the Managing Directors of state-owned banks and Chairman of Indian Banks' Association, the Department of Financial Services directed them consider this on the urgent basis and send action taken report in this regard by December 16."
"This must be followed scrupulously and any deviation in this regard has to be prevented and if noticed, dealt with firmly and immediately," it said.
Though most banks providing correct information to the customers yet to ensure that it is done in 100 per cent of cases without fail, all the bank branches in the country are alerted to reflect correctly the cash deposit in old and new currency and inform the customers about the same, it said.
The ministry also asked banks to educate the public, "by displaying a prominent sign (including in the local language) in their respective branches requesting their customers to fill up deposit slips clearly indicating old and new currency and the denomination of the notes".
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