Reserve Bank of India
Indians remitted $1 billion for education. In Picture: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai.Reuters file

The Reserve Bank of India (RBI) has asked banks having currency chests to get their security related gadgets checked once in two weeks. It also said the banks should make sure they conduct fire audit once in two years by the district fire department officials. 

Currency chests are storehouses where banknotes and rupee coins are stocked on behalf of the RBI. Banks having currency chests are expected to distribute notes and rupee coins to other bank branches in their area of operation. According to the RBI, there were 4,132 currency chests in the country as on March 31, 2015. 

Banks were previously directed to maintain smoke detection, fire alarms and fire fighting systems in working conditions, Press Trust of India reported.

"The banks may also ensure the hot line and other security-related gadgets viz. access control, CCTV, etc are checked once in a fortnight by the CC (currency chest) officials," PTI cited RBI's notification.

In a separate notification, the RBI said deposits by Indian companies that nominate a person for the post of director (a person who is not residing in India) does not require approval of the central bank.

"Keeping deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from RBI. All refunds of such deposits, arising in the event of selection of the person as director or getting more than 25 percent votes, shall be treated similarly," it said.

The section 160 of the Companies Act states that a person who intends to nominate himself or any other person as a director in an Indian company is required to place a deposit with the company.

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