The State Bank of India on Saturday informed all its branches that no form or identity proof will be required to exchange ₹2,000 notes that the Reserve Bank of India has withdrawn from circulation with immediate effect. In a circular released on Saturday the bank said that all members of the public can exchange ₹2,000 notes up to a limit of ₹20,000 at a time without obtaining any requisition slip. Further the bank added that no identity proof is required to be submitted at the time of exchange.
The bank has also said that it is not necessary to hold a bank account in order to exchange the currency, even non-account holders will be able to exchange the ₹2,000 notes at any bank branch.
This announcement from the banks comes at the time when there is a lot of misinformation going around on social media. These rumors include claims that a form would need to be filled in order to exchange the notes along with submission of an Aadhar card.
Circular from SBI |
RBI withdraws ₹2,000 notes from circulation
The RBI on Friday announced that the ₹2,000 notes would be withdrawn from circulation and people will have to exchange or deposit them in bank accounts before September 30. The banks and RBI's regional offices will begin exchanging the notes for lower currency notes from May 23 and will remain a legal tender.
The central bank in a release said that this move was done under the 'Clean Note Policy'.
The RBI has clarified that the citizens will not have to pay any fee to exchange notes and it has further asked the banks to make arrangements for senior citizens and persons with disabilities to make the exchange without any hassle.