SBI's big decision on Rs 2,000 notes exchange, no ID proof required

Exchange of Rs 2,000 notes begins from Tuesday

Rs 2,000 notes withdrawal Representative Image | PTI

Putting an end to the speculations and confusions, State Bank of India (SBI) on Sunday announced that customers can exchange the Rs 2,000 denomination notes up to Rs 20,000 at the branches without obtaining any requisition form.

"Further, no identity proof is required to be submitted by the tenderer at the time of exchange," the bank said in a circular.

SBI's clarification comes after rumours and misinformation circulated in the social media that the tenderers should submit a form along with identify proofs for exchange of notes.

On Friday, the Reserve Bank of India (RBI) had withdrawn Rs 2,000 notes from circulation. RBI has asked the people to deposit these notes in their accounts or exchange them at the nearest bank branches till September 30 this year. The process of deposit/exchange will begin from Tuesday.

RBI said that in order to ensure smooth operation and avoid disruption of regular activities of bank branches, the exchange of Rs 2,000 notes can be made up to a limit of Rs 20,000 at a time at any bank.

The Rs 2,000 notes will continue to be in use for transactions and other payments, the RBI said.

The Rs 2,000 denomination bank note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 bank notes that were in circulation at that time.


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