Master Direction on Penal Provisions in Reporting of Transactions/Balances at Currency Chests
The Reserve Bank of India has issued a master direction outlining the penal provisions for reporting of transactions and balances at Currency Chests.
The direction covers the reporting procedure, including the time limit for reporting, which is 7 pm, with relaxation in case of bank strikes.
Penal provisions include:
- Levy of penal interest for delayed or wrong reporting of transactions, including inclusion of ineligible amounts in currency chest balances.
- Penalty for other deficiencies, such as delayed reporting of soiled note remittances to RBI and diversions in CyM-CC portal.
The rate of penal interest is specified, and business continuity measures are outlined.
Operational guidelines for the levy of penalties and penal interest are provided, including the competent authority to decide on the nature of irregularity.
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Download: Master Direction on Penal Provisions in reporting of transactions/ balances at Currency Chests