Banks should keep all the footage during demonetisation. Learn why RBI issued this instruction

The Reserve Bank said Tuesday that it will preserve the CCTV recordings of their branches and currency chests from November 8, 2016 to December 30, 2016 until further orders. The order was issued by the Reserve Bank with the objective of assisting enforcement agencies to take action against those engaged in illegal activities during the demonetisation period.

On November 8, 2016, the government banned the currency notes at Rs 500 and Rs 1,000. The government has taken action against black money holders and terrorism financing. During this time, the government allowed people to deposit the frozen notes in their bank accounts. There were huge crowds outside the bank branches across the country when the government issued new notes of Rs 500 and Rs 2,000 instead of the currency in circulation at the time.

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People stood in long queues outside the banks to deposit the frozen notes in the bank or to take new notes in their place. According to information received from various sources, the investigating agencies have also started investigations into the case of illegal deposits of new currency notes during this period. To facilitate such scrutiny, the Reserve Bank has instructed banks not to destroy the CCTV footage during the demonetisation until further orders. 15.41 lakh crore in circulation at that time (November 8, 2016). 15.31 lakh crore in 500 and 1,000 rupee notes.

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