2016-11-23 Wed

After the demonetization of the old 500 rupees and 1000 rupees notes, people have started depositing large sums of money in banks and currency chests on behalf of the Reserve Bank of India. The banks are now overflowing and there is no room for further storage. Officials have stated that this money is being transferred to RBI’s regional headquarters under the supervision of armed security like State Reserve Police Force (SRPF) or Railway Protection Force (RPF), where they will be shredded or converted into paper pulp.

The notes are being counted, sorted, packaged and verified for fake notes before they are transferred. Currency chests will have to incur heavy penalties in case there is of any discrepancies during these processes. After this remittance to the RBI, there will be extra space in chests to store new notes.