RBI asks banks not to delete CCTV footage from 2016 demonetisation period

“Banks have been suggested to protect the CCTV recordings of operations at financial institution branches and foreign money chests for the interval from November 08, 2016, to December 30, 2016, till additional directions, to facilitate coordinated and efficient motion by the enforcement businesses in coping with issues referring to the unlawful accumulation of recent foreign money notes,” the RBI stated in a round.

The Reserve Financial institution of India (RBI) on Tuesday requested banks to not delete the CCTV recordings of their department operations and foreign money chests from the 2016 demonetisation interval. The transfer is aimed toward serving to enforcement businesses of their probe in opposition to unlawful actions throughout the demonetisation interval.

“Banks have been suggested to protect the CCTV recordings of operations at financial institution branches and foreign money chests for the interval from November 08, 2016, to December 30, 2016, till additional directions, to facilitate coordinated and efficient motion by the enforcement businesses in coping with issues referring to the unlawful accumulation of recent foreign money notes,” the RBI stated in a round.

It might be famous that the federal government had banned the circulation of excessive denomination notes (Rs 500 and Rs 1,000) on November 8, 2016, to be able to curb black money. As part of the train, the federal government had allowed individuals to change excessive foreign money notes (Rs 500 and Rs 1,000) at banks or deposit them of their financial institution accounts. The federal government additionally issued new Rs 500 and Rs 2,000 notes. Individuals lined up in entrance of banks and ATMs to get new foreign money notes. There have been studies of unlawful accumulation of recent foreign money notes.

With a view to assist in the investigation of such issues, the RBI has requested banks to protect CCTV footage. “Protecting in view the investigations pending with legislation enforcement businesses, proceedings pending at numerous courts, you might be suggested to protect the CCTV recordings of operations at financial institution branches and foreign money chests for the interval from November 08, 2016, to December 30, 2016, in a correct manner, until additional orders,” RBI stated within the round.