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TMI BlogWithdrawal of Legal Tender Character of existing 500/- and 1000/- Specified Bank Notes (SBNs) – Fraudulent PracticesX X X X Extracts X X X X X X X X Extracts X X X X ..... Withdrawal of Legal Tender Character of existing 500/- and 1000/- Specified Bank Notes (SBNs) – Fraudulent Practices X X X X Extracts X X X X X X X X Extracts X X X X ..... ative Banks / State Co-operative Banks Dear Sir, Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Specified Bank Notes (SBNs) - Fraudulent Practices It has been brought to our notice that at certain places, few bank branch officials, in connivance with some miscreants, are indulging in fraudulent practices while exchanging SBNs in cash / accepting SBN deposits i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto account. 2. Banks are, therefore, advised to ensure that such fraudulent practices are stopped forthwith through enhanced vigilance and take stern action against officials involved in such activities. 3. Banks should ensure strict compliance with the instructions issued with regard to exchange of SBNs as also deposit of such notes into the accounts of their customers. Towards the same, the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank branches are required to maintain proper record of the following; i. Denomination-wise details of Specified Bank Notes and aggregate value of non-SBN note deposited in the account of each deposit or loan customer from November 09, 2016 onwards. ii. Customer-wise and denomination-wise record in respect of SBNs exchanged by walk-in and regular customers. Banks should also be in readiness to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provide these details at short notice.
4. Please acknowledge receipt.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager X X X X Extracts X X X X X X X X Extracts X X X X
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