Police release detailed instructions for banks and cash collection firms . Banks and financial institutions must not engage any organization that has no valid license and authorization for cash collection and transport .
GURUGRAM: On Thursday, the police released detailed instructions encouraging banks and financial institutions not to engage any organization that has no valid license and authorization for cash collection and transport.All cash-collection vehicles had also been required to have a global positioning system (GPS), trained staff, and two-armed security guards.According to police, cash collection machines have also been barred from carrying more than Rs 5 crore, but banks and financial institutions now have the responsibility to alert cops and seek shelter if required for cash transportation above Rs 25 lakh.According to them, a infringement of the rules could result in up to six months in prison as well as a fine.According to police, the car did not follow any safety guidelines and had no emergency response vehicle or locker system.The directives, which were issued by DCP (headquarters), Astha Modi, include a slew of recommendations for banks and cash collection firms.Though banks have been forbidden to engage any private company for cash collection unless they hold a licence under the Haryana Private Security Agency (Regulation) Act, cash vans have been mandated to have the minimum number of employees and two armed security guards.According to the DCP, a cash van must always be escorted by at least two trained armed security guards on board, and that more than two guards should be dispatched based on the amount of cash carried by the vehicle. No personnel will be deployed for cash transportation activities until they have passed a antecedent review, KYC inspection, and police inspection before the appointment.It was added that every person hired for cash transportation must have a diploma for protection and safe handling of such activities, and that they should undergo refresher training every two years.In addition, cash vans will be equipped with GPS technology and monitored at all times during transportation.All ATMs should have a one-time electronic combination lock to reduce crew pilferage and fraud, according to the directive. Each ATM should have well-trained and armed security guards, as well as its facilities.According to the order, ATM premises should be protected with CCTV and footage should be stored for at least two months.