RBI Issues Master Direction on ‘Penal Provisions in Reporting of Transactions/Balances at Currency Chests’
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Master Direction No. RBI/DCM/2024-25/114 DCM (CC) No.G-2/03.35.01/2024-25, Dated: 01.04.2024
The RBI has issued a master direction on ‘Penal provisions in reporting of transactions/balances at Currency Chests’. The objective is to ensure timely and accurate reporting of currency chest transactions. The minimum deposit/withdrawal amount from currency chests shall be Rs. 1,00,000, and then in multiples of Rs. 50,000. Further, RBI provides detailed guidelines covering reporting procedures, the time limit for reporting and operational guidelines on the levy of penalties.
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