CCTV footage has created a stir in the Ram Temple offering theft case. In this footage, people counting money are carrying money in their shoes and pockets. After this, questions are being raised on the security arrangements. In such a situation, let us know what are the rules for the enumerators where most of the money is counted. That is, how are the crores of rupees kept in RBI or currency chest safe? How are the notes counted there and what arrangements are made to ensure that there are no irregularities? According to the Master Circular on Currency Chest Operation of the Reserve Bank of India, Clean Note Policy and the security manual of banks, very strict rules have been made for counting and security of cash. There are multiple levels of checking and monitoring at every step, from entry to exit. Let us understand.
What is currency chest, where the country’s cash is kept?
Currency chest is the secure vault of banks, where the stock of notes is kept on behalf of the Reserve Bank of India. From here, cash is sent to different bank branches and ATMs as per the need. These currency chests are operated as per the rules prescribed under the Master Circular on Currency Chest Operation of RBI. Here records of every process are kept and several levels of security are implemented.
Multiple levels of checks before entry, no pocket uniform mandatory
According to the Master Circular on Currency Chest Operation of the Reserve Bank of India and the internal security protocols of banks, entry into the currency chest or counting hall is subject to very strict rules. The employees working here also have to go through three levels of security check like biometric scan, eye recognition i.e. iris scan and metal detector. The staff counting the notes have special uniforms without pockets so that no item can be taken inside or out secretly. Carrying mobile phone, purse, pen or personal belongings is completely prohibited. Before going inside, employees also have to give a written declaration that they do not have any personal cash.
Presence of two officers is necessary to open the safe
As per RBI Master Circular on Currency Chest Operation, dual custody system is applicable for opening and closing the safe of currency chest. This means that two different keys or digital codes of the safe remain with two different joint custodians. Unless both the officers are present together, the safe can neither be opened nor closed. The purpose of this system is to prevent any one person from accessing the cash alone and to make the entire process transparent and secure.
CVPS machine counts and checks the notes
According to the annual report of RBI, today most of the notes are counted with modern Currency Verification and Processing System i.e. CVPS machines. These machines count the notes at a very high speed and also check the authenticity of each note. The machine checks the watermark, security thread and other security features present in the note. Apart from this, it also decides whether the note is fit to be put into circulation again or not.
The objective of RBI’s clean note policy is to ensure that only good quality notes are used in the market. This reduces the chances of people getting damaged or torn notes. According to the annual report of RBI, the purpose of these machines is not only to count notes. They also simultaneously check the number, genuineness and quality of the note. The machine decides which note will be sent back into the market and which note will be taken out of the system forever.
According to the security guidelines of banks, there is 24-hour 360 degree CCTV surveillance on the entire counting hall. High definition cameras record the entire process so that there is no possibility of any disturbance. The recording of the counting hall is kept safe so that it can be viewed during any kind of investigation or audit in future. This maintains transparency in the entire process.
Every activity is monitored through the Four Eye Principle.
The Four Eyes Principle is implemented in the counting rooms as per international banking standards and internal security policies of Indian banks. This means that wherever there is counting, bundling or checking of notes, at least two employees will be present together. No employee is allowed to work with cash alone. This reduces the possibility of human error or any kind of manipulation. Every activity throughout the process is continuously monitored so that cash records remain completely secure and transparent.
At the end of the day, accounting of every rupee and cutting of old currency.
Under the accounting rules of RBI, it is mandatory to tally every rupee of the cash brought from the safe to the counting hall in the morning. This is called daily reconciliation or zero balance reconciliation. The totals of counted notes, rejected notes and notes processed in the machines should match exactly. If a difference of even one rupee is found, then its reason is first found out. Until the complete account is received, the counting room process is not considered complete and the related record is not closed. That is, until the morning and evening balance in the accounts book and the system matches completely, the main exit door of the counting room remains electronically locked.
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