With a view to successfully cope with growing circulation of banknotes, the Reserve Financial institution of India (RBI) has determined to arrange an Automated Banknote Processing Centre (ABPC) in Jaipur for receipt, storage and dispatch of forex notes. The capabilities of the ABPC can even embody processing of banknotes acquired from forex chests (CCs) and financial institution branches, and destruction of dirty banknotes in an automatic method, mentioned the RBI’s Request for Proposal (RFP) for engagement of guide for complete consultancy providers for institution of ABPC at Jaipur.
“Money stays an essential mode of cost for many Indian residents, however the expansion in digital funds. The truth is, the banknotes in circulation have been concurrently rising with the rise in digital funds. The worldwide development of accelerating quantity of banknotes in circulation has been witnessed in India as properly,” the doc mentioned.
The amount of banknotes in circulation has elevated three-fold from March 2001 to March 2019, and is predicted to rise additional within the years to come back.
In addition to, provide of banknotes by the presses has elevated about 4 instances from March 2001 to March 2019 and is predicted to extend manifolds.
“This has necessitated a relook at the moment system of money administration and a necessity is felt to automate the dealing with of banknotes for receipt, storage, retrieval, processing and destruction, in keeping with the worldwide modifications, adopting trendy know-how,” the doc mentioned.
One of many desired actions on the proposed ABPC could be automated receipt and storage of recent banknotes acquired from the printing presses, automated retrieval and dispatch of recent banknotes to the recognized subject places of work (IOs)/CCs.
“The proposed ABPC is predicted to offer for storage and dispatch of recent banknotes and storage and processing of dirty banknotes to/from the recognized CCs/financial institution branches masking the jurisdiction of the states being catered,” the doc mentioned.
It has additionally projected storage capability necessities for the ABPC in Jaipur — recent word inventory (every day common) at 1,883 million items throughout 2024-25, 2,950 million items throughout 2029-30 and 6,853 million items throughout 2039-40, and dirty notes at 7,718 million items throughout 2024-25, 11,568 million items throughout 2029-30 and 27,757 million items throughout 2039-40.
“The power could also be designed to retailer the every day common recent word inventory requirement and maintain a inventory of about 15 days of dirty banknotes and supply commensurate processing and destruction capacities,” it mentioned.
RBI is the only real issuer of banknotes of the nation and liable for administration of forex and all its elements.
RBI is equipped with banknotes from 4 printing presses and cash from 4 mints. The brand new banknotes and cash are acquired at 19 subject places of work of the financial institution positioned throughout the nation from the place these are additional distributed to about 3,300 CCs operated by scheduled banks beneath an company settlement with the RBI.
The CCs act as retailer homes and the forex saved there’s distributed to varied financial institution branches/ATM community for distribution to the general public.
The unfit notes withdrawn from circulation are verified by a Foreign money Verification and Processing System (CVPS) and destroyed by shredding.