No Forms, ID Cards Required to Exchange Rs 2000 Banknotes: SBI

Amid confusions regarding the exchange of Rs. 2,000 currency notes among citizens, the State Bank of India (SBI) on Saturday said that the customers are not required to submit any Identity cards or fill out any requisition forms to exchange the notes.

According to a letter dated May 20, 2023, the bank would allow exchanging a maximum of ten currency notes of Rs. 2,000 i.e., Rs. 20,000 at a time.

SBI clarified that its May 19 Annexure III- a requisition slip having columns for details of customer’s details and identity proof has been withdrawn with immediate effect.

“Please arrange accordingly and extend all cooperation to members of the public so that the exercise is conducted in a smooth and seamless manner without any inconvenience to the public,” the letter reads.

Notably on May 19, the Reserve Bank of India (RBI) decided to withdraw Rs 2000 denomination notes from circulation. The RBI advised banks to stop issuing Rs 2000 denomination bank notes with immediate effect.

Meanwhile, the RBI said that citizens will be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023.

Also Read: RBI to Withdraw Rs 2000 Denomination Notes from Circulation