Posts
The
minimum amount of deposit /withdrawal from currency chest will be Rs.1,00,000/-
and thereafter, in multiples of Rs.50,000/-.
Time
limit for Reporting
The
currency chests should report all transactions through ICCOMS on the same day
by 9 PM to their respective link offices. Link offices should report the consolidated
position to the Issue Offices by 11 PM on the same day.
The
Sub-Treasury Offices (STOs) should report all transactions directly to the
Issue Office of the Reserve Bank by 11 PM on the same day.
Relaxation
in respect of strike period in banks
Relaxation will
be considered on case-to-case basis.
Levy
of penal interest for delays
In
the event of delay, penal interest will be levied on the amount due for the
period of delay. Penal interest will be calculated on T+0 basis i.e. on transactions
not reported by 11 PM on the same business day. However, Reserve Bank may grant
grace period.
Penal
interest will also be charged for delay in submission of chest slips in the
case of single chest / STOs directly linked to Issue Department of the circle.
Wrong
reporting and levy of penal interest
Penal interest
will be levied in cases of wrong reporting in the same manner till the date of
receipt of correct advice. Debits/credits to banks' current accounts are raised
on the basis of the figures reported in the Link Office Statements. Penal
interest will be levied in all cases of wrong reporting in the Statements even
if the reporting was done correctly in the chest slips. Remittances of fresh notes/notes to the currency chests are not to be reported
as 'deposit' transactions in the Link Office Statements.
Reporting
of Soiled note remittances to RBI / diversion to other chests
In
case soiled note remittances to RBI or diversion to other currency chests are
shown as withdrawals then a penalty of Rs.50,000/- will be levied.
Reporting
of diversions in ICCOMS
The
chest receiving the diversion should report under 2 A and the remitting chest
should report under 4A in the chest slip immediatly.
Maximum
penal interest to be charged
There
is no stipulation regarding the maximum amount of penal interest leviable.
Penal interest
for inclusion of ineligible amounts in the currency chest balances
Penal interest will be levied in all
cases where the bank has enjoyed 'ineligible' credit in its current account
with RBI on account of wrong, delayed or non-reporting of transactions. Penal
measures will also be taken in cases of shortages in chest balances or
remittances, shortages due to pilferage or frauds, counterfeit banknotes as per
the prevailing “scheme of Penalties”.
Cash kept for safe custody is not eligible
for being included in the chest balances. If such amounts are included in the
chest balances, these will be treated as instances of wrong reporting.
In all the above
cases penal interest will be levied from the date of inclusion in chest balances
till the exclusion of such amounts from chest balances. Excepting shortages in
chest balances / remittances, shortages due to pilferage / frauds, counterfeit
banknotes detected in chest balances / remittances where the
penal measures will be taken on the basis of prevailing “scheme of Penalties”.
Rate of penal interest
Penal
interest shall be levied at 2% over the prevailing Bank Rate.
Levy
of penal interest in respect of currency chests at treasuries
The
above instructions shall be applicable to currency chests at
treasury/sub-treasury offices also.
Representations
Representations on account of genuine
difficulties, may be made to the Issue Office through the Controlling office of
the bank within a month from the date of debit.
In the case of wrong reporting
representations for waiver will not be considered.
Requests by
banks for waiver of penal interest on grounds that delayed/wrong/non-reporting
did not result in
· Utilization of
the Reserve Bank's funds or
· Shortfall in the
maintenance of CRR/SLR or
· They were the result
of clerical mistakes, unintentional or arithmetical errors,
· First time
error,
· Inexperience of
staff etc.,
will not be considered as valid grounds for
waiver of penal interest. Further, RBI will take a serious view of all such
lapses.
Based on RBI Master Directions dated 20/07/2016. For further
clarifications, Please refer www.rbi.org.in
………… Poppy
No comments:
Post a Comment