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RBI panel to suggest ways to secure currency movement

The Reserve Bank is upgrading its currency movement and storage system. The process is expected to cover around 4000 currency chests across the country. A High-Level Committee on Currency Storage and Movement (HLCCSM) has been constituted for the purpose, which is expected to recommend the measures for the upgrade as well as newer and better security measures. The regulator is concerned about the recent instances of currency vans being looted and ATMs giving out fake currency notes to bank customers. The committee will seek advice from global firms specializing in security measures for banks and in the processing and handling of currency. The committee is expected to devise a standard operating procedure for the movement of currency in the country.

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