Money management service companies place on alert

Money management service companies place on alert

CHENNAI: Banks have actually notified money management service business to keep a vigil on collection of Rs 2,000 from sellers and report any aberrations to the banks. Retail money management service companies function as a bridge in between banks and sellers, who get money from the latter and deposit with the banks.
The advancement can be found in the wake of


revealing their withdrawal from flow, though the Rs 2,000 banknotes will continue to be a legal tender.
South Indian Bank’s CGM (HR & operations) Anto

George T

stated the bank has really minimal money pick-up services. “However, all our branches and firms have actually been asked to work out vigilance in handling deals connected to withdrawal of Rs 2,000 banknotes. It might be kept in mind that we have actually not seen any aberrations in our bank till now,” George included.
Sources in the retail money management service sector, who are privy to the advancements stated, there was no particular instructions from the banks in this regard, however an alert has actually been provided to report any such spike in Rs 2,000 denomination notes gathered from merchants to the banks.

All India Bank Employees’ Association (


basic secretary

C H Venkatachalam

stated, none can reject the right of people or organizations from transferring the Rs 2,000 denomination currencies to banks due to the fact that the RBI has actually announced that it will continue to a legal tender. “But, banks can inform the RBI in case of any uncommon substantial remittances of Rs 2,000 denomination banknote from any specific source.”
The RBI had actually stated 89% of the Rs 2,000 banknotes were provided prior to March 2017 and are at completion of their approximated life-span of 4-5 years.

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