Master Direction on Penal Provisions in reporting of transactions/ balances at Currency Chests Flashcards
The minimum amount of deposit into / withdrawal from currency chest shall be ……………… and thereafter, in multiples of…………..
₹1,00,000, ₹50,000
The currency chests shall invariably report all transactions through CyM – CC portal on the same day by …………
7 PM
What is the penal rate of interest to be charged for the period of delayed reporting/wrong reporting/inclusion of ineligible amounts in chest balances.
2% over the prevailing Bank Rate
The remittances of fresh/re-issuable notes sent to the currency chests from RBI/Note printing presses are not reported as ‘…………’ transactions.
Deposit
What is the eligible amounts to be included in CC balances?
Only cash held in the custody of joint custodians and ‘freely available’ to them. Thus, cash kept outside the vault/ outside the coverage of CCTV cameras/ cash kept for safe custody in sealed covers for whatever reasons/ in trunks/ under single lock/ unlocked/ in bins under the lock and key of any official/s other than the Joint Custodians or bearing a third lock put by any official in addition to the two locks of the Joint Custodians, is not eligible for being included in the chest balances. If such amounts are included in the chest balances, these shall be treated as instances of wrong reporting and shall attract penal interest
Soiled note remittances to RBI shall not be shown as ……………. by chest(s). In case, such remittances to RBI are wrongly reported as ‘…………………’, a penalty of ₹……………… shall be levied irrespective of the value of remittance and period of such wrong reporting.
Withdrawal, withdrawal, ₹50,000
All CC diversion shall be reported through ‘…………….’ of CyM-CC Portal
Diversion Module
Penal interest at the prevailing rate for delayed reporting of the instances where the currency chest had reported “…………………” shall not be charged. However, in order to ensure proper discipline in reporting currency chest transactions, a flat penalty of ₹………… shall be levied on the currency chests for delayed reporting.
Net deposit, ₹50,000
Who shall be the Competent Authority and Appellate authority to decide on the nature of irregularity committed by the currency chest?
Officer-in Charge of the Issue Department and RD/CGM/OIC under whose jurisdiction the defaulting currency chest is located.
Appeal should be made within ………. month from the date of debit.
One
Penalty for Shortages of notes in SNR and shortages of notes and coins in CC balances?
Upto Rs. 50 – fine of Rs 50 per piece and recovery of the loss, for Rs. 100 & Above – fine equal to the value and recovery of loss and for Coins of all denominations – fine equal to the value and recovery of loss.
Penalty for Counterfeit notes detected in soiled note remittances and currency chest balances.
Penalty of 100% of the Notional Value and recovery of loss to the extent of the notional value
Penalty for Mutilated notes (including deliberately cut notes and built-up notes) detected in soiled note remittances and currency chest balances.
fine of Rs 50 per piece and recovery of the loss
Penalty for Non-compliance with operational guidelines by currency chests detected by RBI officials: Non-functioning of CCTV, Branch cash / documents kept in strong room (CC Vault), NSMs not used for sorting of high denomination notes, Non-conduct of surprise verification of currency chest balances.
Penalty of ₹5,000 for each instance of irregularity. And it shall be enhanced to ₹10,000 in case of repetition / recurrence of irregularity during a financial year
Penalty for Violation of any of the terms of agreement with RBI or deficiency in service?
₹ 10,000 for any violation of agreement or deficiency of service and ₹ 5 lakh in case there are more than 5 instances of violation of agreement / deficiency in service by the branch, during a financial year
