Question
Currency notes in Currency Chests are property
of:ÂSolution
Currency chests are branches of selected banks authorised by the RBI to stock rupee notes and coins. The responsibility for managing the currency in circulation is vested in the RBI for which the RBI has set up more than 4,000 Currency Chests all over the country. The vault which stores cash in the Currency Chest are managed by the respective bank but the cash kept in the Chest belongs to RBI. When the cash is taken out from the Chest, it becomes bank's cash. Banks manages Currency Chests for RBI as it helps them in cash management.Â
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