SBI says no ID proof or form needed to exchange 2000 notes

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SBI says no ID proof or form needed to exchange 2000 notes

New Delhi: Are you thinking of exchanging Rs 2000 notes? Wondering what documents are required to exchange Rs 2000 notes?

According to the State Bank of India (SBI), no form or identity proof is required to exchange Rs 2000 notes at its branches.

SBI has informed all its branches that no form or identity proof is required to exchange Rs 2000 notes.
“All members of the public will be allowed exchange facility of Rs 2,000 to a limit of Rs 20,000 at a time without obtaining any requisition slip,” SBI said.

It added: “Further, no identity proof is required to be produced by the tenderer at the time of exchange.”

Notably, the Reserve Bank of India (RBI) on Friday (May 19) withdrew Rs 2,000 notes from circulation with immediate effect.

However, currency notes of Rs 2000 will continue to be legal tender.
Additionally, the RBI has advised banks to stop issuing Rs 2000 banknotes with immediate effect.

“… it has been decided to withdraw Rs 2000 banknotes from circulation,” RBI informed in a statement.

The public can exchange their Rs 2,000 notes at banks on or before September 30, 2023, RBI said.

“Members of the public can continue to use the Rs 2000 bank notes for their transactions and receive them in payment. However, they are required to collect and/or exchange these notes on or before September 30, 2023. is encouraged,” RBI said.
“About 89% of the Rs 2,000 banknotes were issued before March 2017 and are at the end of their expected life of 4-5 years,” RBI said.

It added: “The total value of these banknotes in circulation has declined to Rs 3.62 lakh crore from its peak of Rs 6.73 lakh crore on March 31, 2018, which is only 10.8% of the notes in circulation on March 31, 2018. % is 31 March 2023.
“It is also observed that this difference is not commonly used for transactions. Moreover, the stock of banknotes of other denominations is sufficient to meet the currency requirement of the public,” the RBI said in a statement. said in the statement.

“The objective of introducing Rs 2,000 banknotes has been fulfilled once banknotes of other denominations become available in adequate quantities,” RBI said in a statement. To ensure operational convenience and to avoid disruption of normal activities of bank branches, a limit of Rs 20,000 at a time in any bank from 23 May 2023 for conversion of Rs 2,000 banknotes into other denominations can be done.

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