The source said the money would be sent shortly and added he was not aware of the final amount or the note combination that would be sent. He said the Belapur branch was keeping a track of banks demands in the state. This transfer will be the fourth since the November 8 demonetisation order. The earlier three transfers amounted to just over Rs1,000 crore. Most of the currency received by the state came in the form of Rs 2000 notes along with a minuscule amount in 500 denomination which totaled Rs 15 crores.
Since November 8, the first transfer was of Rs 200 crore, followed by a consignment of Rs 174 crore. The third transfer on December 2 was the largest at Rs 700 crore. This money was dispersed to local banks on December 5.
The fourth tranche should help assuage fears in the local market that demand would collapse in the run up to Christmas due to a shortage of liquid cash. Meanwhile, the RBI has asked banks to preserve CCTV recordings of operations at bank branches and currency chests to help law enforcement agencies in identifying people engaged in hoarding of new notes. The Reserve Bank, in a notification issued on Tuesday, said banks should “preserve CCTV recordings of operations at bank branches and currency chests for the period from November 8 to December 30, 2016, until further instructions”.
The central bank said the move will “facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes”.
