PANAJI: The State Bank of India (SBI) has informed all its branches that no form and no identity proof are required to exchange Rs 2,000 notes, which the RBI withdrew from circulation on Friday with immediate effect.
“The facility of Rs exchange of Rs 2,000 to all members of the public upto a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip,” the bank said in a circular dated May 20.
“Further, no identity proof is required to be submitted by the tenderer at the time of exchange.”
The RBI on Friday announced the withdrawal of Rs 2,000 notes from circulation, saying the objective of introducing the currency note had been met. The central bank said Rs 2,000 notes will continue to be a legal tender but it encouraged people to exchange/deposit them by September 2023.
The process of deposit/exchange of Rs 2,000 notes will commence on Tuesday (May 23). The RBI said that in order to ensure operational convenience and to 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 starting from May 23.
A day after RBI’s decision, the government on Saturday clarified that there will be no daily limit on the number of times to exchange notes. Individuals will have the option to exchange Rs 2,000 notes for other denominations up to a limit of Rs 20,000 at a time at any bank from Tuesday.
People can exchange Rs 2000 notes for smaller denominations more than once a day at any bank branch or designated RBI office before September 30, sources saidHowever, repeat exchange will depend on the number of bank executives and rush at a particular branch, sources said.
The notes can be exchanged at any bank branch and those who don’t have a bank account can also go to any bank to exchange Rs 2,000 notes for smaller denominations. For the transactions, the government hasn’t set any limit on deposits. The customer has to follow only the KYC norms.