Strict action taken on handling cash! This is what banks have been asked to do with currency notes
Strict action has been taken on recycling of inward currencies in the wake of coronavirus outbreak in India. That means currency notes will not be sent back into the financial space in order to safeguard the public
Strict action has been taken on recycling of inward currencies in the wake of coronavirus outbreak in India. That means currency notes will not be sent back into the financial space in order to safeguard the public. With concerns arising over the use of cash, banks have been advised not to recycle inward currencies and do so only after 48 hours. As per a circular issued to banks in Kerala, all member banks of the SLBC that the inward currencies at branches should not be recycled. The inward currencies are to be separately wrapped in packets with date and to be recycled only after 48 hours.
"We infer that currency notes are a probable threat for spread of coronavirus. Health Department has also opined that coronavirus could sustain on infected currency notes for about 12 hours."
According to a report by IANS, Canara Bank has issued a circular today to the SLBC member banks in Kerala which asks the staff in the branches to take precautions including wearing masks, gloves, using sanitisers and ensuring social distancing.
What precautions can you take?
Currency is circulated on a daily basis and there is a major concern that the virus could be spread through it. So, you should avoid using currency and switch to online modes of payment for a few days.
Earlier, Indian Banks` Association (IBA) has made an appeal to people to wash their hands after touching or counting currency. IBA had also asked customers to use online and mobile banking channels for making their transactions and avoid visiting bank branches.
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"Wash your hands with soap for at least 20 seconds before and after physical banking/currency counting/AEPS (Aadhaar-enabled payments)," IBA had said in a public appeal.
Can you get coronavirus from rupee notes?
While there is no confirmation over this, the Confederation of All India Traders has also flagged these concerns to Finance Minister Nirmala Sitharaman about the possible spread of coronavirus through currency notes. CAIT had said that usage of paper currency which is (the) most dreaded carrier for different viruses and infections due to rapid change of hands between unknown people and thus becomes a health hazard.
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