{"id":265079,"date":"2022-04-06T10:30:39","date_gmt":"2022-04-06T05:00:39","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=265079"},"modified":"2022-04-06T09:51:21","modified_gmt":"2022-04-06T04:21:21","slug":"rbi-notifies-master-direction-on-penal-provisions-in-deficiencies-in-reporting-of-transactions-balances-at-currency-chests","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/04\/06\/rbi-notifies-master-direction-on-penal-provisions-in-deficiencies-in-reporting-of-transactions-balances-at-currency-chests\/","title":{"rendered":"RBI notifies Master Direction on penal provisions in deficiencies in reporting of transactions\/ balances at currency chests"},"content":{"rendered":"<p style=\"text-align: justify;\">On April 01, 2022, the Reserve Bank of India (RBI) has issued Master Direction on Penal Provisions in deficiencies in reporting of transactions\/ balances at Currency Chests.<\/p>\n<h4 style=\"text-align: justify;\"><\/h4>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000080;\">Key points:<\/span><\/h4>\n<ul>\n<li style=\"text-align: justify;\"><strong>Reporting of Currency Chest Transactions:<\/strong> The minimum amount of deposit into \/ withdrawal from currency chest will be \u20b91,00,000 and thereafter, in multiples of \u20b950,000.<\/li>\n<li style=\"text-align: justify;\"><strong>Time limit for Reporting:<\/strong> The currency chests should invariably report all transactions through CyM \u2013 CC portal on the same day by 7 pm.<\/li>\n<li style=\"text-align: justify;\"><strong>Relaxation on account of strike in banks:<\/strong> Relaxation in the reporting period on account of strike situation will be considered on case-to-case basis.<\/li>\n<li style=\"text-align: justify;\"><strong>Delay in Reporting:<\/strong> In the event of delay in reporting currency chest transactions, penal interest at the rate indicated in paragraph 4 of this circular shall be levied on the amount due from the chest holding bank for the period of delay. Penal interest shall be calculated on T+0 basis i.e. penal interest shall be levied in respect of transactions not reported by currency chests to the Issue Office on the same business day within the time limit prescribed above.<\/li>\n<li style=\"text-align: justify;\"><strong>Wrong reporting:<\/strong> Penal interest shall be levied in respect of cases of wrong reporting in the same manner till the date of receipt of corrected advice by Reserve Bank. As debits\/credits to banks&#8217; current accounts are raised on the basis of the transactions reported by the currency chests, penal interest shall invariably be levied in all cases of wrong reporting by the currency chests. It is expected that currency chests would ensure the correctness of figures reported on the CyM &#8211; CC portal. Particular care shall be taken to ensure that remittances of fresh notes\/re-issuable notes sent to the currency chests from RBI\/press are not reported as &#8216;deposit&#8217; transactions.<\/li>\n<li style=\"text-align: justify;\"><strong>Inclusion of ineligible amounts in the currency chest balances:<\/strong> Penal interest shall be levied in all cases where the bank has enjoyed &#8216;ineligible&#8217; credit in its current account with Reserve Bank on account of wrong reporting \/ delayed reporting \/ non-reporting of transactions.<\/li>\n<li style=\"text-align: justify;\"><strong>Penal measures for other deficiencies:<\/strong> Penal measures for shortages in chest balances \/ remittances, shortages due to pilferage \/ frauds, counterfeit banknotes detected in chest balances \/ remittances shall be taken on the basis of prevailing \u201cScheme of Penalties\u201d.<\/li>\n<li style=\"text-align: justify;\"><strong>Reporting of soiled note remittances to RBI<\/strong>&#8211; Soiled note remittances to RBI shall not be shown as withdrawal by chest(s). In case such remittances to RBI are wrongly reported as &#8216;withdrawal&#8217;, a penalty of \u20b950,000 shall be levied irrespective of the value of remittance and period of such wrong reporting.<\/li>\n<li style=\"text-align: justify;\"><strong>Reporting of diversions in CyM \u2013 CC portal:<\/strong> All currency chest diversions (both between chests of the same bank and between chests of different banks) have to be reported through \u2018Diversion Module\u2019 of CyM-CC Portal. The CC sending the diversion should initiate the diversion entry. The receiving CC should acknowledge the same. Diversions should not be reported as deposit\/withdrawal. A penalty of \u20b950,000 shall be levied for any such wrong reporting.<\/li>\n<li style=\"text-align: justify;\"><strong>Delayed reporting where currency chests had \u201cNet Deposit\u201d:<\/strong> Penal interest at the prevailing rate for delayed reporting of the instances where the currency chest had reported \u201cnet deposit\u201d shall not be charged. However, in order to ensure proper discipline in reporting currency chest transactions, a flat penalty of \u20b950,000 shall be levied on the currency chests for delayed reporting, irrespective of the value of net deposit.<\/li>\n<li><strong>Rate of penal interest<\/strong>: Penal interest shall be levied at the rate of 2% over the prevailing Bank Rate for the period of delayed reporting\/wrong reporting\/non-reporting \/inclusion of ineligible amounts in chest balances.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On April 01, 2022, the Reserve Bank of India (RBI) has issued Master Direction on Penal Provisions in deficiencies in reporting of <\/p>\n","protected":false},"author":8808,"featured_media":265081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-265079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI notifies Master Direction on penal provisions in deficiencies in reporting of transactions\/ balances at currency chests | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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This has come into force on April 4, 2022. READ MORE HERE MINISTRY OF CORPORATE AFFAIRS Nidhi (Amendment) Rules, 2022\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270036,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/13\/rbi-issues-guidelines-on-international-trade-settlement-in-indian-rupees\/","url_meta":{"origin":265079,"position":3},"title":"RBI issues guidelines on International Trade Settlement in Indian Rupees","author":"Editor","date":"July 13, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 11-07-2022, Reserve Bank of India has issued guidelines on International Trade Settlement in Indian Rupees to promote growth of global trade, emphasizing exports, and to support the increasing interest of global trading community in INR. According to this new mechanism an additional arrangement for invoicing, payment, and\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":216932,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/16\/reserve-bank-of-india-imposes-monetary-penalty-of-rs-7-crore-on-state-bank-of-india\/","url_meta":{"origin":265079,"position":4},"title":"Reserve Bank of India imposes monetary penalty of Rs 7 crore on State Bank of India","author":"Bhumika Indulia","date":"July 16, 2019","format":false,"excerpt":"Press Release The Reserve Bank of India (RBI) has imposed, by an order dated 15-07-2019, monetary penalty of 70 million on State Bank of India (the bank) for non-compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms (ii) code of conduct for opening\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":288115,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/29\/banks-must-hear-borrowers-before-classifying-them-as-fraud-civil-death-supreme-court-rbi-reserve-bank-india-legal-research-knowledge-news\/","url_meta":{"origin":265079,"position":5},"title":"Banks must hear borrowers before classifying their accounts as fraud as it may lead to its \u2018civil death\u2019: Supreme Court","author":"Prachi Bhardwaj","date":"March 29, 2023","format":false,"excerpt":"The Supreme Court observed that principles of natural justice should be necessarily read into the provisions of the Master Directions on Frauds, to save it from the vice of arbitrariness.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"fraud","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-911.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-911.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-911.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-911.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/265079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=265079"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/265079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/265081"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=265079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=265079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=265079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}