According to sources, as piles of “dead” cash start pouring in, banks and cash logistics companies are struggling to store these piles along with the new currency. The old cash will eventually go back to the Reserve Bank of India for disposal, but the time lag means that facilities storing the dead currency now are bursting at the seams. “Over the last 48 hours cash logistics companies have brought back old high denomination bank notes from more than 90% of the ATMs. Bank currency chests do not have adequate storage capacity to hold the volume of currency,” Rituraj Sinha, president, Cash Logistics Association, told HT. Cash logistics companies that manage cash supply to ATMs have about 250-300 vaults across the country.

Source: Hindustan Times November 13, 2016 02:45 UTC