No Cash Will Be Available In ATM After 9 PM From Next Year, Here’s Why
The Indian Government has issued a new notice stating that no ATM will be replenished with cash after 9 pm in urban areas and 6 pm in rural areas. The new directive that has been issued by the home ministry also informs that at least two armed guards will accompany the currency notes in transit.
In the Maoist-hit areas, the deadline to reload the ATMs with cash will be 4 pm and the private cash handling agencies will be asked to collect money from the banks in the first half of the day and the agencies from the next year can transport the currency notes in armoured vehicles only.
In the recent notification, it has been mentioned that the new Standard Operating Procedures (SoPs) will come into effect from February 8, 2019. This decision has been taken to reduce the crimes such as incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds. Stopping these crimes is important as it has led to an increase in sense of insecurity between the common people across the country.
In India, there are more than 8,000 privately owned cash vans distributing cash in the ATMs across the country and these are operated by the non-bank private agencies. The major point to keep in mind is that the amount of cash that is handled by the private agencies on the behalf of banks is more than Rs 15,000 crore daily.
The notification that has been released by the central government states that no cash transportation activities will take place after 9 pm in urban areas and after 6 pm in rural areas. In the Left Wing Extremism affected areas, any cash transportation activity will take place between 9 am to 4 pm.
The private agencies will be provided with security during the cash transportation and each cash carrying van will have one driver, two armed security guards, two ATM officers or custodians. One armed guard is supposed to sit with the driver in the front and another armed guard is supposed to remain in the rear portion of the van during the transit. At least one armed security guard is supposed to remain present with the van during loading or unloading of cash, tea or lunch break.
In order to provide security during the transportation of cash, ex-serviceman can also be appointed. The transportation of cash to the various ATMs will take place in secured cash vans that have GPS tracking device present. According to the new notification, no cash van will not be allowed to carry the cash amount of more than Rs 5 crore per trip. The private agencies will be allowed to hire people who have undergone thorough antecedent check like police, Aadhaar and residence verifications, previous employer check, credit history check and fidelity insurance.