BANKING AFFAIRS

Detailed explanation-1: -The minimum amount of deposit into / withdrawal from currency chest will be ₹1, 00, 000 and thereafter, in multiples of ₹50, 000.

Detailed explanation-2: -The minimum amount of deposit into / withdrawal from currency chest will be ₹ 1, 00, 000 and thereafter, in multiples of ₹ 50, 000.

Detailed explanation-3: -The depository of the Reserve Bank of India (RBI) is known as the currency chest. It consists of the cash meant for the banks and ATMs. The chests are located on-premises of selected banks all across India. When the RBI prints new notes, they first send them to the currency chests, from where it goes into circulation.

Detailed explanation-4: -According to the new rules, PAN and Aadhaar will be required for depositing cash of Rs 20 lakh or more in a bank or post office in any one financial year. The Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (15th Amendment) Rules, 2022.

Detailed explanation-5: -This is the RBI’s way of controlling the excess flow of money in the economy. The cash balance that is to be maintained by scheduled banks with the RBI should not be less than 4% of the total NDTL, which is the Net Demand and Time Liabilities.