Currency Chest

1. Management of Currency

Currency Management essentially relates to planning, designing, issue and withdrawal of currency, ensuring its integrity, availability and the maintenance of quality. The Department of Currency Management (DCM) of the Reserve Bank located at Central Office, Mumbai, takes policy decisions on the designs of bank notes, forecasts the demand for notes and coins, ensures the smooth distribution of bank notes and coins throughout the country, arranges to withdraw unfit notes, administers the RBI Note Refund Rules and reviews/rationalizes the work system/procedures at the Issue Office on ongoing basis. The operational work is conducted by the Issue Departments of the Bank with responsibility for managing the inventory, distribution and servicing of currency in its respective issue circles.

(ii)  The Reserve Bank is responsible for issuing coins and notes to the public on demand and for maintaining the quality of the notes issued. Reserve Bank's responsibility thus is not only to put currency into such other denominations of notes and/or coins as may be required by the public. With a view to mitigating the hardship to the public in genuine cases, the Bank arranges to make refund of the value of mutilated notes as per the Note Refund Rules.

2. Currency Chests

In order that the Bank's obligations may be satisfactorily discharged without recourse to extensive and frequent physical remittance of notes and coins between various centres, the Bank maintains currency chests of its own at treasuries and branches of the banks at all important centres. In the State of Orissa, there are 130 Currency chests, the list of which is provided in the end. These currency chests are intended to facilitate the distribution, exchange and remittance of notes, including one rupee notes and rupee coins and small coins.

(ii)  RBI has launched a special drive under its clean note policy to withdraw all soiled and mutilated notes from the members of public and put in its place fresh and clean notes. In order to facilitate the members of public, to exchange such notes, RBI has delegated powers to all the 130 currency chest branches in Orissa to exchange soiled, torn, damaged/ mutilated/ defective notes. Soiled and cut notes should also be accepted over bank counters in payment of Government dues and for credit of accounts of the public maintained with banks. Reserve Bank of India, Bhubaneswar has opened three special counters, two for exchange of soiled notes of all denominations and one solely for exchange of mutilated notes. Notes which have turned extremely brittle or badly burnt, charred or inseparably stuck up together and therefore can not withstand normal handling, are also accepted at RBI Bhubaneswar for adjudication under a Special Procedure.

3. Facilities/ Services at the Currency Chest Branches

Salient features of genuine notes are required to be displayed at bank branches for information of public. The bank branches should have adequate number of dual display note counting machines provided at the payment counters for the benefit of customers. Stapling of currency note packets has been done away with and information on non stapling of note packets should be displayed on the notice boards. Citizens' Charter for exchange of notes and coins should be displayed at notice board for information and benefit of common persons. All the notice boards are trilingual.

(ii)  Exchange value of soiled notes will be paid in coins and/or notes of denomination Rs.10/- and above, across the counter as per extant rules. While the intention of the RBI is to mop up all such soiled/mutilated Re.1/-, Rs.2/- and Rs.5/- notes and above in exchange, all Re.1/-, Rs.2/- and Rs.5/- notes would continue to be legal tender. Any note with slogans and message of a political nature written across it ceases to be a legal tender and a claim on such a note will be rejected. Similarly, notes which are disfigured may also be rejected. The notes which are found to be deliberately cut or tampered with, if presented for payment of exchange value, will be rejected.

(iii)  The banks have been advised to direct all their branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts. However, as accepting coins packed in polythene sachets of 100 each would be more convenient, the banks have been advised to keep such sachets at the counters and make them available to the customers. A notice to this effect should be displayed suitably inside as also outside the branch premises for information of the public. RBI, Bhubaneswar is operating two counters for issue of coins, one for bulk issue and the other for issue in small pouches. This apart, a coin vending machine is installed in its premises which can be used by the public to get coins in exchange for notes.

(iv)  All the currency chest branches are required to display at their branch premises, at a prominent place, a board indicating the availability of note exchange facility with the legend, 'MUTILATED NOTES ARE ACCEPTED AND EXCHANGED HERE'. Banks should ensure that all their designated branches provide facilities for exchange of notes and coins and place details of designated branches in public domain.

(v)  RBI has devised a scheme of penalties for those banks which refuse to exchange soiled/mutilated notes tendered by any member of public. All members of public are advised to avail of the aforesaid facilities to the fullest extent. Any suggestion / complaint / grievance as regards exchange of soiled notes and non-availability of coins/notes (denomination of Rs.10/- and above) may be addressed to RBI, Bhubaneswar.

LIST OF CURRENCY CHESTS IN ORRISA ISSUE CIRCLE

Sl No Name of the Currency Chest Sl No Name of the Currency Chest
1 SBI ANANDPUR 62 SBI PATTAMUNDAI
2 SBI ANGUL 63 SBI PHULBANI
3 SBI ASKA 64 SBI PURI
4 SBI ATHAGARH 65 SBI RAIRAKHOL
5 SBI ATHMALLIK 66 SBI RAIRANGPUR
6 SBI BADMAL 67 SBI RAJGANGPUR
7 SBI BALASORE 68 SBI RAYGADA
8 SBI BALIGUDA 69 SBI ROURKELA TOWNSHIP
9 SBI BANKI 70 SBI SAMBALPUR
10 SBI BARBIL 71 SBI SONEPUR
11 SBI BARGARH 72 SBI SUNABEDA
12 SBI BARIPADA 73 SBI SUNDERGARH
13 SBI BASUDEBPUR 74 SBI SURADA
14 SBI BHUBANESWAR, MAIN 75 SBI TALCHER
15 SBI BERHAMPUR 76 SBI TITILAGARH
16 SBI BHADRAK 77 SBI UDALA
17 SBI BHANJANAGAR 78 SBI UDITNAGAR
18 SBI BHAWANIPATNA 79 SBI UMERKOTE
19 SBI BIRMITRAPUR 80 ALLAHABAD BANK CUTTACK
20 SBI BOLANGIR 81 ALLAHABAD BANK NAYAPALLI
21 SBI BONAI 82 CBI,CUTTACK
22 SBI BOUDH 83 CBI,JATNI
23 SBI BRAJRAJNAGAR 84 CBI, KHETRAJPUR
24 SBI BURLA 85 UNION BK,BERHAMPUR
25 SBI CHANDBALI 86 UNION BK BHUBANESWAR
26 SBI CHHATRAPUR 87 BOI,BARIPADA
27 SBI CUTTACK 88 BOI CUTTACK
28 SBI DAMANJODI 89 BOI,JODA
29 SBI DEOGARH 90 BOI,ROURKELA
30 SBI DHARAMGARH 91 BOI JAYDEVB,BHUBANESWAR
31 SBI DHENKANAL 92 UBI ,BHUBANESWAR
32 SBI G.UDAYAGIRI 93 UBI CUTTACK
33 SBI GUNUPUR 94 UBI,PARADEEP
34 SBI JAGATSIGPUR 95 UBI, ROURKELA
35 SBI JAJPUR ROAD 96 UBI, BARIPADA
36 SBI JAJPUR TOWN 97 UBI, BALASORE
37 SBI JALESWAR 98 CANARA BANK, CUTTACK
38 SBI JATNI 99 CANARA BANK, ERHAMPUR
39 SBI JEYPORE 100 BOB, CUTTACK
40 SBI JHARSUGUDA 101 PNB, BHUBANESWAR
41 SBI KAMAKSHYANAR 102 PNB, CUTTACK
42 SBI KANTABANJI 103 PNB, JHARSUGUDA
43 SBI KARANJIA 104 UCO BK, BHUBANESWAR
44 SBI KENDRAPARA 105 UCO BANK BRAJRAJNAGAR
45 SBI KEONJHAR 106 UCO BANK RAJGANGPUR
46 SBI KESINGA 107 UCO BANK BERHAMPUR
47 SBI KHARIAR 108 UCO BANK ROURKELA
48 SBI KHURDA 109 UCOBK, DHERA
49 SBI KODALA 110 UCO BANK BALASORE
50 SBI KORAPUT 111 UCO BANK SAMBALPUR
51 SBI KUCHINDA 112 UCO BANK, BAJRAKABATI ROAD
52 SBI M.RAMPUR 113 IOB SAHEED NAGAR
53 SBI MALGODOWN 114 IOB,GAJAPATI NAGAR,BERHAMPUR
54 SBI MALKANGIRI 115 SYNDICATE BK. BHUBANESWAR
55 SBI NAWAPARA 116 INDIAN BANK BHUBANESWAR
56 SBI NAYAGARH 117 ANDHRA BK. BHUBANESWAR
57 SBI NOWRANGPUR 118 ANDHRA BANK BERHAMPUR
58 SBI PADAMPUR 119 VIJAYA BANK BHUBANESWAR
59 SBI PARADEEP 120 ICICI BANK BHUBANESWAR
60 SBI PARLAKHEMUNDI 121 AXIS BANK, BHUBANESWAR
61 SBI PATNAGARH 122 HDFC BANK, BHUBANESWAR
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