The State Bank of India on Sunday stated that customers can exchange their Rs. 2,000 denomination bank notes up to Rs. 20,000 at the branches without obtaining any requisition slip or form. Furthermore, the tenderer will not be required to provide identification documentation during the exchange.
This information was shared by SBI with the chief general manager of each of its local head offices as part of its exercise to remove high-value currency notes from circulation.
The bank’s explanation comes in the wake of speculations and false information that have been spreading on social media, which stated that people have to submit a form along with identifying credentials such as an Aadhaar card.
The Reserve Bank of India withdrew the Rs. 2,000 notes from circulation on Friday, May 19, and directed customers to deposit the notes into their accounts or exchange them at the closest bank branches till September 30 of this year.
In order to allow the banks ample time to prepare, the central bank has invited the public to contact the banks for their deposit and/or exchange beginning on May 23.
Rs. 2,000 notes will still be accepted for purchases and other payments. However, the RBI suggested exchanging the withdrawn notes before the end of September.
In November 2016, the 2,000 denomination banknote was issued, largely to swiftly address the economy’s need for cash following the removal of legal tender status for all circulating 500 and 1,000 banknotes as part of nationwide demonetisation.