The Reserve Bank today directed banks to keep record of new bank notes in view of seizures by Income Tax Department and other law enforcement agencies of large quantities of high denomination notes.<br/><br/>RBI said in a statement in Mumbai today that it has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these banknotes by the currency chests. It said the banks are advised to maintain, at the currency chest level and at link branches level, a daily record of issuances showing the serial numbers of Rs 500 and above received from RBI as remittance and issuance to their own branches, branches of other banks and post offices, branch wise and denomination wise on daily basis. The daily record of issuances should be signed by joint custodians and the branch manager at the end of the day the statement said.<br/><br/>Yesterday, the Finance Ministry had asked all public sector banks to strictly maintain record of deposits made through both old Rs 500/1,000 notes and other valid currencies. In a letter written to chief executive officers of public sector banks, the Finance Ministry directed them consider this on urgent basis and send action taken report in this regard by December 16.

The Reserve Bank today directed banks to keep record of new bank notes in view of seizures by Income Tax Department and other law enforcement agencies of large quantities of high denomination notes.<br/><br/>RBI said in a statement in Mumbai today that it has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these banknotes by the currency chests. It said the banks are advised to maintain, at the currency chest level and at link branches level, a daily record of issuances showing the serial numbers of Rs 500 and above received from RBI as remittance and issuance to their own branches, branches of other banks and post offices, branch wise and denomination wise on daily basis. The daily record of issuances should be signed by joint custodians and the branch manager at the end of the day the statement said.<br/>'<br/>Yesterday, the Finance Ministry had asked all public sector banks to strictly maintain record of deposits made through both old Rs 500/1,000 notes and other valid currencies. In a letter written to chief executive officers of public sector banks, the Finance Ministry directed them consider this on urgent basis and send action taken report in this regard by December 16.<br/>