State Bank of India (SBI) has provided clarification regarding the exchange of Rs 2000 currency notes, stating that no ID proof is required for the exchange or deposit of these notes in a bank account. It has also issued guidelines to all its branches.
This clarification comes amidst false information circulating on social media about the need for identification documents and forms.
The bank has made it clear that the facility to exchange up to ten Rs 2000 denomination notes can be availed without any identity card or form.
RBI’s decision on Rs 2000 notes
The RBI on Friday announced that it will withdraw the Rs 2000 denomination banknotes from circulation as part of its clean note policy. However, it will continue to be legal tender.
The introduction of the Rs 2000 notes in 2016 was intended to meet the currency requirements of the economy after the demonetization of Rs 500 and Rs 1000 notes.
With the availability of other denominations, the objective of the Rs 2000 notes has been fulfilled, and their printing was stopped in 2018-19.
The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3 percent of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8 percent of notes in circulation on March 31.
Deposit and exchange facilities
According to the RBI, individuals can deposit Rs 2000 banknotes into their bank accounts in the usual manner without any restrictions.
Additionally, individuals can also exchange Rs 2000 banknotes for notes of other denominations at any bank branch. This exchange can be made up to a limit of Rs 20,000 at a time, starting from May 23, 2023. SBI, along with other banks, will provide deposit and exchange facilities for Rs 2000 notes until September 30, 2023, ensuring a reasonable timeframe for the public to complete the process.
