No forms, documents needed to exchange Rs. 2,000 notes: SBI
What's the story
The State Bank of India (SBI) has informed its branches that no form or identity proof documents are required to exchange Rs. 2,000 notes, which the Reserve Bank of India (RBI) withdrew from circulation on Friday.
The clarification comes amid rumors on social media that certain forms and documents, such as an Aadhaar card, will be required to exchange or deposit the said notes.
Details
No limit on Rs. 2,000 notes one could exchange: SBI
In a circular on Saturday, SBI reportedly issued guidelines to its branches regarding the exchange of Rs. 2,000 notes.
The public can avail of the facility to exchange the same for up to a limit of Rs. 20,000 (10 notes) at a time.
The circular, however, clarified there was no limit on the number of Rs. 2,000 notes one could exchange in a day.
Circular
Identity proof not required for exchange up to Rs. 20,000
"The facility of... the exchange of Rs. 2,000 to all members of the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip," the SBI circular said.
"Further, no identity proof is required to be submitted by the tenderer at the time of exchange," it added.
Twitter Post
Check the State Bank of India's circular here
SBI clarifies that the facility of exchange of Rs 2000 denomination bank notes upto a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip pic.twitter.com/TP6t2n9oeJ
— ANI (@ANI) May 21, 2023
RBI
RBI withdraws Rs. 2,000 currency notes from circulation
On Friday, the RBI instructed all banks to cease issuing Rs. 2,000 denomination banknotes with immediate effect.
It, however, said that the notes in the Rs. 2,000 denomination would continue to be legal tender.
In a press statement, RBI Chief General Manager Yogesh Dayal said that the public is encouraged to deposit or exchange these notes until September 30, 2023.
Rationale
RBI's rationale for withdrawing Rs. 2,000 currency notes
According to RBI, the Rs. 2,000 banknotes were launched in November 2016 to address the currency needs after the legal tender status of old Rs. 500 and Rs. 1,000 banknotes was withdrawn.
It said the goal was met after enough banknotes of different denominations were made accessible.
The decision to withdraw Rs. 2,000 notes was in accordance with the "Clean Note Policy," RBI added.