Due to the ongoing investigations related to demonetisation, the Reserve Bank of India (RBI) has asked the banks to preserve the footage of the time when the cancelled currency of Rs 500 and Rs 1,000 were either exchanged or deposited in bank accounts.
In December 2016, the central bank asked banks to preserve CCTV footage of operations at bank branches and currency chests. This was to help law enforcement agencies in identifying people engaged in hoarding of new notes post demonetisation. In the recent circular, it asked banks to continue to preserve it.
RBI notified, “..the banks are further advised to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes.”
It further stated, "...keeping in view the investigations pending with law enforcement agencies, proceedings pending at various courts, you are advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016 to December 30, 2016 in a proper way, till further orders."
In October 2016, before demonetisation, RBI had instructed banks to install CCTV cameras at banking halls as well as counters, and preserve recordings so that people indulging in illegal activities could be identified.
On November 8, 2016, Prime Minister Narendra Modi made a surprise primetime address in which he announced that the old Rs 500 and Rs 1,000 would no longer be valid from midnight.
Citizens were given around 50 days to exchange the notes for the new Rs 500 and Rs 2,000 notes. Modi said the decision was being taken to wipe out black money and combat terror financing.