No form, identity proof needed to exchange ₹2,000 notes up to limit of ₹20K: SBI

Days after the Reserve Bank of India in a surprise move announced the withdrawal of ₹2,000 denomination notes by September-end, the State Bank of India has clarified that those wanting to get the currency notes exchanged will not be required to fill up requisition slips or forms for exchange up to a limit of ₹20,000.

The Reserve Bank of India (RBI) has given the public time till September 30 to either deposit in accounts or exchange the ₹2,000 currency notes in banks.

Also read: RBI to withdraw ₹2,000 currency notes from circulation

Unlike the November 2016 shock of demonetisation, when old ₹500 and ₹1,000 notes were invalidated overnight, the ₹2,000 notes will continue to be a legal tender.

In a communication to chief general manager of all its local head offices, State Bank of India (SBI) informed that the facility of exchange of ₹2,000 notes by public up to a limit of ₹20,000 at a time will be allowed without obtaining any requisition slip.

With regard to deposit of such notes in own account, RBI has not specified any limit but it will be subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory requirements.

“Further, no identity proof is required to be submitted by the tenderer at the time of exchange,” the communication dated May 20 said.

It has asked its local head offices to arrange and extend all cooperation to the public so that the exercise is conducted in a smooth and seamless manner without any inconvenience.
According to sources, one can stand any number of times in queue for exchange of ₹2,000 notes.

Also read: More query for gold after 2000-rupee note withdrawal, but no panic buying: Jewellers

Although the facility for exchange is available from May 23, many customers were seen visiting their branches with the ₹2,000 notes on Saturday (May 20). Bank officials returned such customers after advising them about the start date for exchange.

Some of the customers used cash deposit machines on Saturday to deposit ₹2,000 notes in their accounts.

Many have tried jewellery shops to buy gold and other precious metals. However, jewellers are now hesitant to accept ₹2,000 notes and are asking for KYC beyond prescribed cash purchase in many parts of the country.

According to the Confederation of All India Traders (CAIT), withdrawal of ₹2,000 notes by the RBI will not affect the trade of the small traders but will certainly hit the big and affluent class which might have stocked ₹2,000 notes in large quantities.

Also read: Rs 2,000 notes withdrawn: TN CM Stalin takes veiled swipe at Centre

CAIT too does not anticipate any disturbance in trade activity due to this move.

(With inputs from agencies)