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Currency Chest Operations

Current · Source: Reserve Bank of India · RBI/2023-24/142 · issued 27 Mar 2024 · ~1 min read
Quick answerCurrency chest holding banks must operate on March 31, 2024, to account for government transactions.
The rule, in the simplest words
How it plays out — a real example

Ramesh, a currency-chest / cash officer in Indore, made sure to inform his linked branches about the operation on March 31, 2024, so they could handle government transactions smoothly. He also ensured that their currency chest was open, allowing them to process receipts and payments efficiently. This helped the bank meet the government's deadline for accounting for transactions in the current financial year.

What changed

The Government of India has advised banks to keep branches open on March 31, 2024, for government transactions. Currency chest holding banks must also keep their currency chests open on this day. Linked branches will be informed by the currency chest holding banks.

What it means for you

This means that currency chest holding banks will need to operate on March 31, 2024, to facilitate government transactions. This will ensure that all government receipts and payments are accounted for in the current financial year. Banks will need to make necessary arrangements to keep their currency chests open on this day.

What you must do

Who it affects

Currency chest holding banks, Linked branches

❓ Common questions

Why are currency chest holding banks required to operate on March 31, 2024?

To account for government transactions relating to receipts and payments in the current financial year.

What arrangements should banks make for this operation?

Banks should inform linked branches and make necessary arrangements for smooth operation on March 31, 2024.

📜 Read the original circular — full text as issued by RBI
RBI/2023-24/142 DCM (CC) No.S3425/03.41.01/2023-24 March 27, 2024 All Currency Chest holding banks Madam / Dear Sir Currency Chests (CCs) operations on March 31, 2024 The Government of India has advised all branches of the banks dealing with Government receipts and payments to be kept open for transactions on Sunday, March 31, 2024 so as to account for the Government transactions relating to receipts and payments in FY 2023-24 itself. Since such transactions might necessitate operations at currency chests, the currency chest holding banks are advised to keep their CCs open on March 31, 2024, akin to a normal working day. 2. The CC holding banks shall keep the linked branches suitably informed. Yours faithfully, (Sanjeev Prakash) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/142 · issued 27 Mar 2024. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Inform linked branches about the operation
📜 Compliance
  • Keep currency chests open on March 31, 2024
  • Make necessary arrangements for smooth operation
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Currency chest holding banks, Linked branches), your first concrete step on “Currency Chest Operations” is: “Keep currency chests open on March 31, 2024” (RBI issued this 27 Mar 2024).

  1. Circular: RBI/2023-24/142 -- Currency Chest Operations
  2. Issued: 27 Mar 2024
  3. Action required: Keep currency chests open on March 31, 2024
  4. Action required: Inform linked branches about the operation
  5. Action required: Make necessary arrangements for smooth operation
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12641&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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