Chennai

Unprecedented, says RBI

The Reserve Bank of India receives soiled and mutilated notes from banks across Tamil Nadu and Puducherry for destruction on a regular basis.

These notes are processed for their genuineness and then shredded.

RBI sources said this was an unprecedented case that did not have any parallel. They explained that normally, transportation through trains was considered safer than taking cash by road.

A representative of the RBI also travels in the same train, but in a different coach.

Further, a minimum of 12 armed personnel take turns in guarding the parcel van, as per established protocol.

They said that such soiled notes are transported from various parts of the State on a monthly basis. Daily, several lakh pieces of currency notes are destroyed. Until they are destroyed, the damaged and mutilated notes continue to be legal tender.

On the possibility of distinguishing the soiled notes from the regular ones, they said it was impossible to have any mark on such a large volume of used notes. The currency that was stolen could easily be circulated without raising any suspicion, experts say.

A letter from the Editor


Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
null
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | May 25, 2020 2:21:54 PM | https://www.thehindu.com/news/cities/chennai/Unprecedented-says-RBI/article14562046.ece

Next Story