Discussion
Currency chest balance will be periodically verified by
Answer: C
Correct answer: Both (a) and (b)
Currency chest balances are verified both by the bank's own officials and by officials of the Reserve Bank of India. The bank conducts its own periodic verification as an internal control, and RBI officers inspect independently, since the chest holds the RBI's currency and the notes remain its property until issued.
The dual arrangement reflects the nature of the arrangement: the chest is operated by the commercial bank on the RBI's behalf, so accountability runs in both directions and neither party's verification alone would be sufficient.
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