RBI’s Guidelines for Accounting Closing/ Custody of SBNs by Banks post Demonetization

RBI’s Closing Guidelines for Accounting and Custody of SBNs received for Exchange as on 30 Dec. 2016 (i.e. Closure of the Demoetization Scheme on 30 Dec. 2016

In view of closure of facility of exchange of SBNs on 30 Dec. 2016, the RBI has issued account closing and custody guidelines for all banks. Further, banks have been advised to make arrangements to report thru email on total collection of SBNs as on date post close of business.

Further, RBI has advised all bank branches (other than those of DCCBs) who have accumulated SBNs as at the close of business on 30 Dec. 2016 to deposit the same in any Issue Office of the Reserve Bank or a currency chest on 31 Dec. 2016 itself, as the SBNs cannot form part of banks’ cash balances from close of business as on 31 Dec. 2016. However, DCCBs may retain the SBNs received between 10 Nov. and 14 Nov. 2016 till further instructions from RBI.

Banks maintaining currency chests have been advised to make necessary arrangements to facilitate the deposit of SBNs received through linked branches/ other branches of banks/ post offices. Reporting of such transactions in ICCOMS will be enabled beyond 9.00 PM till all the deposits are received and accounted for.

To facilitate storage of SBNs, RBI has advised that banks maintaining currency chests may utilise additional space in their existing currency chest or additional storage space at the same centre with the proviso that it is as safe and secure as a currency chest.

 RBI Notification dt. 30 Dec. 2016 RBI/2016-17/201 DCM (Plg) No.2103/10.27.00/2016-17

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