What is currency chest? How do you feel across the country?

What is currency chest? How do you feel across the country?


One of the main functions of the Reserve Bank of India is to keep the country's currency system smooth. This includes putting new currency in the country, allocating them, disbursing old notes, and keeping all the cash deposited in all the banks.

To carry out all such work, the Reserve Bank has many treasures across the country, called Currency Chests. In such currency chests or treasures nationwide, there are not many, but many are so easy to make money allocation work.

The Reserve Bank has around 4211 currency chests in order to properly manage the currency in the economy across the country. Apart from this, the RBI has 3,990 depots. The banks in those areas where these chests are deposited can deposit their money right there. In addition to distribution, these chests are also used as a safe deposit of bank money.
After the note-post, the work of this chest has increased many times. The new press printed in the government press comes in the chest and they are sent to the bank for distribution.

Major functions of currency chests

1. Compensate the need for people's mobility
2. Disqualification from unfair currency
3. Change the currency
4. Helping to pay government bills
5. Bad notes changed
6. Currency chests have to pay attention to the fact that there will be no more migration of cash.

The coins are allocated just as the notes are allocated.
The most important partner of currency chest is State Bank of India. Apart from this, all nationalized banks, some important private sector banks, 1 foreign bank and 1 co-operative and 1 rural bank also help RBI.

The notes printed in four presses across the country go to the 18 issue of RBI Issue, then those notes go into the chest. This method of working is very secretive. With the help of railway, air force carrier and state police, this money comes to the chest and goes from there to the bank. Army help is taken in very sensitive areas. In this way, the RBI will fulfill the promise of reaching out to the customers in print.
What is currency chest? How do you feel across the country? What is currency chest? How do you feel across the country? Reviewed by S Current Affairs on January 07, 2019 Rating: 5
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