BackSBI shares update on ₹2000 note exchange, says ‘identity proof, form fill-up not required’
The SBI in their notice said, ‘Exchange of Rs.2000/- denomination Bank Notes to all members of the public up to a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip’
PremiumThe State Bank of India (SBI) has issued a notice regarding the ₹2000 notes exchange at its branches, which is set to commence from 23 May and will continue till 30 September, 2023. The largest nationalised bank of India noted that members of the public will not require to show identity proof or fill up a requisition slip to exchange ₹2000 notes for a limit of ₹20,000 at once in any SBI branch.
The Reserve Bank of India (RBI) had on Friday announced that ₹2000 notes will be withdrawn in pursuance of the “Clean Note Policy". The RBI also said that observations showed that ₹2000 denomination notes is not commonly used for transactions. Further, the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public, the RBI added in their official statement.
It is to be noted that a non-account holder can also exchange ₹ 2,000 banknotes up to a limit of ₹ 20,000 at a time at any bank branch. Account holders will have the option of either exchanging or directly depositing the notes int heir bank account, the latter will have no limits of ₹20,000.
The SBI in their notice said, “Exchange of Rs.2000/- denomination Bank Notes to all members of the public up to a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip"
The SBI also said, “No identity proof is required to be submitted by the tenderer at the time of exchange."
The Reserve Bank of India on Friday said it will withdraw ₹ 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. The Reserve Bank of India's (RBI) 19 regional offices and other banks will start taking ₹ 2,000 notes for exchange with lower denomination ones from May 23. They will remain legal tender, the RBI said.
The RBI cited ‘Clean Notes Policy’ for withdrawing the ₹2000 notes. The policy adopted by RBI aims to ensure availability of good quality banknotes to the members of public.
The ₹2000 was introduced in 2016 after the demonetization drive. The RBI has said that the ₹2000 banknote will continue to maintain its legal tender status.
"About 89 per cent of the ₹ 2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of four-five years. The total value of these banknotes in circulation declined from ₹ 6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to ₹ 3.62 lakh crore constituting only 10.8 per cent of notes in circulation on March 31, 2023," the RBI said.
Exchange/ Deposit Limits
-One should know that members of the public can exchange ₹2000 banknotes up to to a limit of ₹20,000/- at a time
-For deposit, members of the public can deposit ₹2000 notes without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory / regulatory requirements
Exchange/ Deposit Dates
-The RBI has said that people can start approaching the banks to deposit or exchange their ₹2000 notes from 23 May, 2023
-The RBI also said that the last date for the process shall be 30 September, 2023
Exchange/ Deposit Fees
The RBI has said that exchange facility shall be provided free of cost.
Exchange for Non-Account Holders
The RBI has said that a non-account holder also can exchange ₹2000 banknotes up to a limit of ₹20,000/- at a time at any bank branch.
Exchange through Business Correspondents
The RBI assures that exchange of ₹2000 banknotes can be made through BCs up to a limit of ₹4000/- per day for an account holder.
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