The Hindu Business Line : FICCI plea on Currency Chest

The Federation of Indian Chamber of Commerce and Industry has protested against the move to stop the four decades old RBI Currency Chest, at the Calvathy Branch of State Bank of India, and requested the authorities to retain the office there.

The Chamber President, Mr Anil Kumar N. Prabhu, said that it is this Cash Chest that caters to the needs of Government offices including Kochi Sub-Court, Colleges and Schools coming under the jurisdiction of the Mattancherry Sub-Treasury, particularly INS Dronacharya, as well as various establishments having transactions with the Government.

. Cash for daily transactions will have to be brought from Ernakulam to the Calvathy Branch surmounting the traffic bottlenecks on the roads and crossing the two jam packed bridges en-route. “Such a situation will upset the cash flow and its repercussions on activities including export trade in spices, marine products, tea, coir etc. concentrated in West Kochi can well be imagined,” he added.

He pointed out that the 50 year old Clearing House run by this Branch was shifted to Ernakulam four years ago, against the wishes of the people. This has resulted in considerable delay in the clearance of cheques, thereby causing financial strain to the business community of this area. Consequently, a good number of business establishments, which were functioning in Mattancherry-Jew Town area for decades, were forced to move to Ernakulam and its suburbs for survival.

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