SBI Official Statement On Erroneous Confiscation Of Cash Van

3 containers purportedly carrying Rs. 570 crore were confiscated by Election Commission officials near Tirupur on Saturday

The State Bank of India in an official statement on erroneous confiscation of cash van has clarified that “In order to address a temporary cash shortage in the state of Andhra Pradesh, RBI as per their currency management policy authorised transfer of Rs.570 crores from currency chest at SBI Coimbatore Main branch to SBI Special Currency Administration Branch Visakhapatnam. As per RBI instructions our Coimbatore Main branch released the treasure to the authorised SBI personnel duly escorted by a team of Police personnel from AP. The convoy carrying the treasure was stopped enroute and brought to Tiruppur Collectorate for further scrutiny.”

SBI authorities at Chennai, Coimbatore and and Tirupur are providing all support and clarifications to the authorities and are hopeful of quick resolution and release of treasure.

“We reiterate once again this movement of currency is duly authorised by Reserve Bank of India and has all necessary approvals. The movement is in line with RBI’s Currency Management policy of moving cash from one currency chest to other where cash is needed” the statement said..