The RBI on Tuesday requested banks to protect the CCTV recordings of their branches and foreign money chests from November eight, 2016, to December 30, 2016, until additional orders with a view to helping the enforcement businesses to take actions towards individuals concerned in unlawful actions through the demonetisation interval.
The federal government had demonetised the then in circulation excessive worth foreign money notes of Rs 500 and Rs 1,000 on November eight, 2016, with an purpose to test blackmoney and curb terror funding. As a part of the train, the federal government gave the chance to the individuals to alternate junked foreign money notes (referred as Specified Financial institution Notes) or deposit them of their financial institution accounts.
New foreign money notes of Rs 500 and Rs 2,000 denominations had been additionally issued after withdrawal of SBNs. Big crowds had been witnessed at financial institution branches throughout the nation for exchanging or depositing the demonetised foreign money.
On the premise of assorted inputs, the investigative businesses additionally began probing issues regarding unlawful accumulation of recent foreign money notes.
In an effort to facilitate such investigations, the RBI has requested the banks to not destroy the CCTV recordings of the interval of demonetisation until additional orders.
“…protecting in view the investigations pending with regulation enforcement businesses, proceedings pending at numerous courts, you’re suggested to protect the CCTV recordings of operations at financial institution branches and foreign money chests for the interval from November 08, 2016 to December 30, 2016 in a correct means, until additional orders,” the RBI stated in a round to banks.
The current order is a continuation of an earlier advisory issued to the lenders in December 2016 to protect the CCTV footage of operations at financial institution branches and foreign money chests.
Of the Rs 15.41 lakh crore price Rs 500 and Rs 1,000 notes in circulation on November eight, 2016, when the word ban was introduced, notes price Rs 15.31 lakh crore have been returned.