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Soon, no cash in ATM after 8pm

According to new guidelines there will be specially designed cash vans, fitted with CCTV and GPS

Policy Pulse
Publish Date: Apr 2 2016 11:31AM | Updated Date: Apr 2 2016 11:31AM

Soon, no cash in ATM after 8pm

 Think if you need cash in the midnight and there is no money. The government is planning to keep no money in ATMs after 8 pm in cities and private cash transportation agencies must collect cash from the banks in the first half of the day for replenishing ATMs.

 
Also, specially designed cash vans, fitted with CCTV and GPS, must not carry more than Rs 5 crore per trip. Two armed guards and driver in each van must be trained to "disengage with the situation and drive vehicle to safety" in case of an attack - these men at time of getting the job must produce two guarantors, one of them a government servant. 
 
These are part of a new guidelines and risk mitigation procedures the government is proposing for secured cash movement by leading private players in the industry.
 
Nearly 8000 privately owned cash vans ferry around Rs 15000 Cr daily between banks, currency chests and ATSs - they also hold nearly Rs 5000 Cr overnight in their private cash vaults on behalf of the banks. These has been a spurt in attacks, hijacking and looting of cash vans which are seen as soft targets. 
 
The government has proposed that for replenishment in ATMs, cash transportation agencies must collect cash from the bank in the first half of the day and no cash loading of the ATMs or cash movement should be done after 8 PM in urban centers across India. The deadline for rural areas would be 5 PM, and 3PM in Naxal-affected districts. 
 
Per trip, a cash van cannot carry more than Rs 5 crore, the new SOPs have proposed. Specially designed and secure cash vans must be compulsorily deployed for carrying cash over Rs 5 lakh per trip, the Centre says. Such vans must have two independent compartments, with the one for storing cash to be separated and locked from passenger compartment and the cash compartment being specially reinforced with steel and only one door which can be opened internally through a manual or electronic lock.
 
The cash boxed must also be secured to the van floor with separate chains and padlocks with their keys entrusted to separate custodians.
 
Antecedents of private guards and drivers hired by private security agencies must be verified by police and each such individual be asked to produce two guarantors of "good standing", including one serving or retired government servant, at the time of getting the job. 
 
They must be trained comprehensively over 160 hours before being put on the job - specifically to spot threats and risks like being tailed by vehicle-borne criminals, insider's threat and how to use weapons to deter and resist criminals while disengaging with the situation and driving vehicle to safety.
 
Private vaults used by agencies to store cash overnight must also be set up in secured places with strong rooms set up as per RBI norms and fitted with CCTVs.