**Summary:**
The Reserve Bank of India (RBI) issued circular RBI202122131 DCM Admin No.S47219.01.010202122 on November 16, 2021, announcing the withdrawal of several obsolete regulatory circulars and instructions. This action is based on the interim recommendations of the Regulations Review Authority (RRA) 2.0, as detailed in the press release of the same date. A comprehensive review of circulars issued by the Department of Currency Management (DCM) was conducted as part of the RRA 2.0 rationalization exercise. Consequently, the regulatory instructions and circulars listed in the Annex to the circular stand withdrawn with immediate effect from November 16, 2021. The circulars being withdrawn pertain to various aspects of currency management, including the presence of chest representatives during the examination of soiled notes, incentives for improving service to non-chest branches, Clean Note Policy, computerization of currency chest operations and sorting of banknotes.
The circular is addressed to the Chairman, Managing Director, and Chief Executive Officer of all banks. For further information, Suman Ray, Chief General Manager-in-Charge, can be contacted.
Key Entities Referenced
Regulations Review Authority 2.0: A review authority, abbreviated as RRA 2.0, involved in rationalizing circulars issued by the Department of Currency Management.
Department of Currency Management: A department that issued the circulars being reviewed and withdrawn.
Suman Ray: Chief General Manager-in-Charge at RBI, signatory of the circular.
Reserve Bank: The location where soiled notes were examined.
Clean Note Policy: A policy related to sorting and banding banknotes.
DCM.NPDA.No.688: Circular number related to presence of chest representatives at the time of examination of soiled notes in the Reserve Bank.
DCM.NPD.No.G30: Circular number related to incentive for improving service to non chest branches.
Computerization of Currency Chest Operations: Subject of a withdrawn circular, indicating an effort to modernize currency chest management.
RBI/2021-22/131
DCM (Admin) No.S472/19.01.010/2021-22 November 16, 2021
The Chairman / Managing Director
The Chief Executive Officer
All Banks
Madam / Dear Sir,
Withdrawal of Obsolete Regulatory Circulars/ Instructions - Interim
Recommendations of the Regulations Review Authority 2.0
Please refer to the Press Release on Interim Recommendations of the Regulations
Review Authority (RRA) 2.0 dated November 16, 2021.
2. A comprehensive review of the circulars issued by the Department of Currency
Management was undertaken as part of the rationalisation exercise under RRA 2.0
and as per recommendations of the RRA, the regulatory instructions / circulars listed
in the Annex stand withdrawn with immediate effect.
Yours faithfully,
(Suman Ray)
Chief General Manager-in-Charge
Encl: As aboveAnnex
List of Circulars withdrawn with effect from November 16, 2021
S. No Circular Referred Date Subject
1 DCM.NPDA.No.688/ March 22, 2002 Presence of chest representatives
09.39.00/2001-02 at the time of examination of soiled
notes in the Reserve Bank
2 DCM.(NPD).No.G30/ March 23, 2002 Incentive for improving service to
09.39.00/2001-02 non- chest branches
3 DCM.(NPDA).No.G- July 05, 2002 Presence of chest representatives
1/ 09.39.00/2002-03 at the time of examination of soiled
notes in the Reserve Bank
4 DCM.(NPD).No.G-9/ September 23, 2002 Incentive for improving service to
09.39.00/2002-03 non- chest branches - Clarification
5 DCM.(Plg).No.982/ December 20, 2002 Clean Note Policy
10.87.05/2002-03
6 DCM.(NPD).No.317/ October 11, 2003 Clean Note Policy - Banding of
09.39.00/2003-04 Note Packets- Use of stickers, etc
7 DCM.(NPD).No.402/ February 22, 2005 Clean Note Policy- Sorting of
09.39.00/2004-05 Banknotes
8 DCM(CD)No.816/ July 25, 2005 Computerization of Currency
04.36.03/2005-06 Chest Operations
9 DCM.(NPD).No.6316/ March 09, 2007 Incentive for improving service to
09.40.02/2006-07 non- chest branches