RBI instructs banks not to destroy internal video recordings at the time of demonetisation – rbi instructs banks not to destroy internal video recordings at the time of demonetisation

RBI instructs banks not to destroy internal video recordings at the time of demonetisation – rbi instructs banks not to destroy internal video recordings at the time of demonetisation

Mumbai, Jun 8 (PTI) The Reserve Bank on Tuesday asked banks to preserve the CCTV recordings of their branches and currency chests for the period from November 8, 2016 to December 30, 2016 with them till further orders.

The Reserve Bank has given this order with a view to help the enforcement agencies to take action against those involved in illegal activities during the period of demonetisation.

On November 8, 2016, the government had banned the then currency notes of Rs 500 and Rs 1,000. The government had taken this step against black money holders and terrorism financing. During this time the government had given an opportunity to the people to deposit the discontinued notes in their bank accounts.

The government discontinued the then in circulation of Rs 500 and Rs 1,000 and issued new notes of Rs 500 and Rs 2,000 in their place. Then a huge crowd gathered outside bank branches across the country. People stood in long queues outside banks to deposit the discontinued notes in the bank or to take new notes in their place.

According to information received from various sources, the investigating agencies have also started investigation in the case of illegal deposit of new currency notes during this period. To facilitate such scrutiny, the Reserve Bank has asked banks not to destroy CCTV footage during the demonetisation period till further orders.

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Out of Rs 15.41 lakh crore of Rs 500 and Rs 1,000 notes that were in circulation at that time (on November 8, 2016), Rs 15.31 lakh crore notes were returned to the government.

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