SBI To Allow Exchange Of Rs 2000 Notes Without Any Identity Or Form | Personal Finance News

New Delhi: The State Bank of India (SBI) has issued a circular stating that Rs 2000 denomination notes can be exchanged without the need for identity proof or requisition slips. This clarification comes in response to rumors and misinformation circulating on social media regarding the exchange process.

“…it has been decided that the facility of exchange of Rs 2000 denomination bank notes to all members of the public upto a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip…no identity proof is required to be submitted by the renderer at the time of exchange, ” SBI circular stated.

The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2000 notes from circulation, effective immediately. Banks have been instructed to initiate the exchange and deposit of Rs 2000 notes with other valid currencies from May 23, 2023. Exchange facilities will be available at 19 RBI regional offices (ROs) across India.

However, it should be noted that Rs 2000 notes will remain legal tender. Banks have been directed to provide deposit and/or exchange facilities for Rs 2000 notes until September 30, 2023, to allow sufficient time for the public to complete the process.

Individuals can exchange Rs 2000 notes for other denominations up to a limit of Rs 20,000 at a time, starting from May 23, 2023. The RBI has advised banks to discontinue the issuance of Rs 2000 notes, although existing notes will continue to be accepted as legal tender.

RBI Introduced Rs 2000 Notes After Denomination  

The Rs 500 and Rs 1000 notes were banned by the Central government on September 8, 2016, as part of an effort to combat black money. Subsequently, new notes of Rs 500 and Rs 2000 denominations were introduced.

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