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RBI starts moving old notes from ‘flooded’ currency chests

Posted on 23 November 2016

It is a problem of plenty for the banks and currency chests, which store currency notes and coins on behalf of the Reserve Bank of India. With people depositing the demonetised notes of ₹500/1,000 in crores, bank branches and currency chests are overflowing with no room for further storage.
Sources in banking circles confirmed that the RBI has now started the process of mobilising the demonetised currency notes from currency chests to RBI’s regional headquarters. “Currency chests are bursting with loads of demonetised cash bundles. There is no further room to store any more currency. In the last 10 days, there has been no movement to transfer this cash to the RBI………………………………………Full Article: Source


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