ATM NEW RULE - REPLENISHMENT TIMING

Union Home Minister recently released a new notification. As per the notification - 
  • No ATM will be replenished with cash after 9 pm in cities.
  • NO ATM will be replenished with cash after 6 pm in rural areas
  • The deadline for putting money in the ATMs located in Naxal-hit areas is 4 pm
  • Two armed guards will accompany crisp notes in transit.
  • Private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armoured vehicles.
  • No cash van carries cash of more than Rs 5 crore per trip.
ATM Replenished - Means putting money in ATM for use. Generally a Van came as shown in Image, such kind of Van came to replenished the ATM with cash.

All these instructions called as Standard Operating Procedures (SoPs) and
would come into effect from February 8, 2019.


Image result for No ATM to be replenished with cash after 9 pm from next year
WHY THIS NEW DIRECTIVES

The Home Ministry said the new Standard Operating Procedures (SoPs) would come into effect from February 8, 2019 in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to increased sense of insecurity.

REQUIREMENT 

 The private security agency will ensure that all cash handling, including counting, sorting, and bundling activities shall be carried out in secured premises in accordance with specific guidelines.

Each of the cash boxes shall be secured to the floor with separate chains and locks that can be opened only by using separate keys kept with different custodians.

No private security agency shall appoint anyone for the cash transportation unless the person has undergone thorough antecedent check like police, Aadhaar and residence verifications, previous employer check, credit history check and fidelity insurance.

One armed guard must sit in the front along with the driver and another in the rear portion of the van while in transit.

PROBLEM 

 Common People may face little bit issue - Especially in Rural Areas (As time limit to replenish the ATM with cash is till 6PM).

 They may not found cash in ATM during nights.

 ADVANTAGE

 Overall Security will get improved.

 For More information, You can access below links

https://timesofindia.indiatimes.com/business/india-business/no-atm-to-be-replenished-with-cash-after-9-pm-from-next-year/articleshow/65458960.cms

 https://economictimes.indiatimes.com/industry/banking/finance/banking/no-atm-to-be-replenished-with-cash-after-9-pm-from-next-year/articleshow/65459018.cms 

https://www.businesstoday.in/current/economy-politics/no-atm-to-be-replenished-with-cash-after-9-pm-from-next-year/story/281410.html 

 Above Information is as per as per data available in news till the date when I am posting this.
For Other Topics visit - http://learn2ogether.blogspot.com/

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