Banknote Distribution Agreement

Geschrieben am Sonntag, September 12, 2021 | Kommentare: 0

In addition, printing companies quadrupled the supply of banknotes between March 2001 and March 2019 and are expected to increase severalfold. The Department of Cash Circulation develops and implements the policy of the Bank of Russia on the issuance of foreign currency (notes and coins) and the organization of cash circulation in the Russian Federation. The objective of this policy is to ensure the timely and uninterrupted delivery of banknotes and coins for payments. Rbi is supplied with banknotes from four printing machines and four-coin coins. The new notes and coins will be received at 19 Bank issuing offices across the country, from where they will be distributed to some 3300 CCs operated by banks planned under an agency agreement with the RBI. The department is responsible for the production and distribution of investment coins and commemorative metals, including abroad. The issuance of these coins offers another tool for individuals to manage their personal savings, and the exquisite design of these coins enhances the image of the Bank of Russia among Russian and foreign collectors. To this end, the department analyzes the current state of payment transactions, predicts the demand for cash in the economy, plans and ensures the issuance of notes and coins, organizes its supply to destinations where they are delivered to customers of the Bank of Russia, arranges their processing and storage, as well as damaged notes and coins withdrawn from circulation and destroyed them. „Cash remains an important means of payment for most Indian citizens, despite the growth of digital payments. Indeed, banknotes in circulation have increased at the same time as the increase in digital payments. The global trend of increasing the volume of banknotes in circulation has also been observed in India,“ the document says. This required a reassessment of the current cash management system and there is a need to automate the handling of banknotes for receipt, storage, consultation, transformation and destruction, in line with global changes, and to adopt modern technologies,“ the document says. The ABPC also includes the processing of banknotes received from money unions (CCs) and bank branches, as well as the automated destruction of polluted banknotes, says the RBI`s Request for Bid (RFP) for the appointment of a comprehensive advisory services advisor for the establishment of ABPC in Jaipur. .

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