Regional Offices of RBI to give Approval for Local Currency Chests

[Ref: RBI/2016-17/162 - DCM (Plg) No.1438/10.27.00/2016-17 dated 28^th November 2016]

Sub: Chest Guarantee Scheme for Specified Bank Notes (SBNs) – CGSS

Please refer to our circular DCM (Plg) No.1430/10.27.00/2016-17 dated November 27, 2016 on the captioned subject.

2. With a view to expand the ambit of the CGSS, it has been decided that banks operating currency chests may be allowed to operate CGSS if they have additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest.

3. Requisite approval for the above will be granted by our Regional Office (RO) concerned, on receipt of request from any bank subject to the terms and conditions as laid down in the above mentioned circular and supervisory convenience.