SME Times is powered by   
Search News
Just in:   • Market rises for 3rd day straight, Nifty above 9,500  • Sri Lankan brewery resumes exports after 2 months  • Core sector output plunges by over 38% in April  • Galaxy Note 20 may feature Exynos 992 SoC  • Include Discom liability while fixing states' borrowing, Minister tells finance panel 
Last updated: 02 Apr, 2020  

Rupee.Thmb.jpg Banks to recycle inward currency notes only after 48 hours on corona threat

Bank Logo generic
   Top Stories
» Core sector output plunges by over 38% in April
» GDP growth down to 3.1% in fourth quarter on manufacturing slump
» Need to reform Finance Ministry to facilitate exports, imports: Amitabh Kant
» FDI inflows rise 18% to $73 bn in FY20
» Goyal urges exporters to provide quality products, diversify
SME Times News Bureau | 02 Apr, 2020
As the corona pandemic turns multifaceted, concerns are arising over the use of currency notes and banks have been advised not to recycle inward currencies and do so only after 48 hours.

As a per a circular issued to banks in Kerala, all member banks of the SLBC that the inward currencies at branches should not be recycled. The inward currencies are to be separately wrapped in packets with date and to be recycled only after 48 hours.

"We infer that currency notes are a probable threat for spread of coronavirus. Health Department has also opined that coronavirus could sustain on infected currency notes for about 12 hours."

Canara Bank has issued a circular today to the SLBC member banks in Kerala.

The staff in the branches have been asked to take precautions including wearing masks, gloves, using sanitisers and ensuring social distancing.

Earlier, Indian Banks' Association (IBA) has made an appeal to people to wash their hands after touching or counting currency.

IBA had also asked customers to use online and mobile banking channels for making their transactions and avoid visiting bank branches.

"Wash your hands with soap for at least 20 seconds before and after physical banking/currency counting/AEPS (Aadhaar-enabled payments)," IBA had said in a public appeal.

Traders body, the Confederation of All India Traders had also flagged these concerns to Finance Minister Nirmala Sitharaman about the possible spread of coronavirus through currency notes.

CAIT had said that usage of paper currency which is (the) most dreaded carrier for different viruses and infections due to rapid change of hands between unknown people and thus becomes a health hazard.

It cited the safety of polymer currency, mentioning 13 countries who have switched entirely to these notes, ditching paper variants, and more than 15 countries in line to do so.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 30 May, 2020
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» China's forex reserves reach USD 2.85 trillion(1)
» FM reviews macro-economy in FSDC meet(1)
» Appoint distributors, expand your business(1)
» MSME stimulus(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter