“Currency Distribution & Exchange Scheme (CDES)” .
Performance based incentives will continue to be paid as hitherto w.e.f July 01, 2015; however, the incentives for installation of machines have been restricted to Cash Recyclers & ATMs dispensing lower denomination notes, subject to certain caps on reimbursement of cost per machine and will be effective from the date of the circular.
Incentives
Sr. No.
|
Nature of
Service
|
Particulars of
Incentives
|
i)
|
Opening and maintaining
currency chests at centers having population of less than 1 lakh in under
banked States
|
a.
Capital Cost: Reimbursement of 50% of expenditure upto Rs. 50 lakh per
currency chest. In the North Eastern
region upto 100% of the expenditure upto Rs.50 lakh.
b. Revenue
cost: Reimbursement of 50% of expenditure for the first 3
years. In the
North Eastern region, 50% of
the expenditure for the first
5 years.
|
ii)
|
Exchange of soiled notes/ Adjudication of mutilated
banknotes over the
counter
|
a.
Exchange of soiled notes – Rs. 2 per packet up to a denomination Rs. 50/-
b.
Adjudication of mutilated notes – Rs. 2/- per piece
|
iii)
|
Distribution
of coins over counter
|
i.
Rs. 25 per bag for distribution of coins over the counter.
ii.
The incentives would
be paid on
the basis of withdrawal from
currency chest, without waiting
for claims.
iii. Banks are to
ensure that coins are
distributed to retail customers in small lots and not to bulk customers.
iv. The distribution
of coins shall be verified by
RBI through inspection of currency chest / incognito visits to
branches etc.
|
iv)
|
Installation of
Machines which extend cash
related retail services to the public like-
1.
Cash Recyclers
2.
ATMsdispensing lower denomination notes ( i.e.up
to denomination of Rs. 100/-)
Note - ATMs
distributing higher denomination of Rs.100/- and above are not eligible for
this re-imbursement.
|
The maximum
amount of reimbursement for the machines will be as follows –
For
Metro / Urban areas –
Cash Recyclers – 50%
of the actual cost
or Rs.2,00,000 whichever is
lower.
ATMs dispensing
lower denomination notes (up
to Rs. 100) – 50% of the actual cost or Rs. 2,00,000
whichever is lower
For
Semi-urban / Rural areas –
Cash Recyclers –
60% of the
actual cost or Rs.2,50,000 whichever is lower
ATMs dispensing
lower denomination notes (up
to Rs.100) – 60% of the actual cost or ` 2,50,000 whichever is lower
|
Operational
Guidelines to avail the incentives -
Performance
based incentives -
i)
The
incentives will be paid on the soiled notes received in the Issue Office of the
RBI. Banks need not submit a separate claim. Currency chest branch will have to
pass on the incentive to the linked branches.
ii)
Similarly,
incentive will be paid in respect of the adjudicated notes received by RBI. No
separate claim is required to be made.
Incentives for
installation of machines
i) The banks
intending to purchase machines and establish currency chests from 1st
July to 30th June, may submit their Annual Plans containing the
details of the machines and the cost, to RBI latest by 15th April every
year. RBI, may then advise the maximum amount of reimbursement permissible to
each bank for that year.
For the period July
01, 2016 to June 30, 2017, the proposals may please be submitted latest by May
31, 2016.
ii) The claims for incentives for installation of
Cash Recyclers and ATMs dispensing lower denomination notes should be submitted
to the Issue Office of RBI on quarterly basis within 30 days from the close of
the respective quarter through the Link Office of the bank concerned after
making the full payment to the vendors.
Based on RBI circular dated 5/5/16. For further details
please visit www.rbi.org.in ……Poppy
No comments:
Post a Comment