Rbi: For note exchange, follow cash deposit norms, RBI tells banks

MUMBAI/NEW DELHI: As banks get ready to deal with deposit and exchange of Rs 2,000 notes from Tuesday, it has emerged that there are no instructions from RBI to submit any identity proof or fill up a form.
While some forms were also being shared on social media, a bank chief and an RBI official made it clear that no such instructions had been issued, at least so far. In fact, RBI has asked banks to follow the cash deposit norms.
Banks, however, do not expect a rush of Rs 2,000 notes as they ready themselves to deal with individuals and businesses looking to exchange these notes. “The number of people holding these notes will be very limited. I do not see any challenge. This time, Rs 2,000 notes remain legal tender and people can come and exchange their notes up to Rs 20,000 and deposit as much as they want (in their bank accounts,” PNB MD & chief executive Atul Kumar Goel told TOI on Saturday.
While the exercise, which is currently scheduled to last over four months, begins on May 23, banks were looking to work out the logistics on Saturday. Making water available in branches is one of the tasks that bankers are looking at given that this is the peak summer season.
ATM operators said there are some machines which require recalibration, but it would not be a major exercise since the width of the new series notes are identical. Most ATMs already have a configuration of Rs 500 and Rs 100 notes. A surge in ATM usage is expected because those who deposit their cash into bank accounts are likely to withdraw them. Besides, with RBI encouraging the use of cassettes for notes, recalibration is not seen as a major issue.
Meanwhile, the major uncertainty is about where the demand will come from.

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