The State Bank of India (SBI) has addressed speculation regarding the exchange or deposit of ₹2,000 notes, stating that no requisition slip is required for the process. This clarification comes in response to misinformation circulating on social media, suggesting the need for form filling and submission of identity documents like Aadhaar cards. Individuals can exchange or deposit ₹2,000 notes up to a total value of ₹20,000 at any given time, with no restriction on rejoining the queue for further exchanges. The Reserve Bank of India has initiated the withdrawal of ₹2,000 notes, allowing their exchange for lower denomination currency until September 30.
The SBI has issued a guideline to its branches confirming that individuals can exchange or deposit ₹2,000 notes without the need for a requisition slip. This directive aims to dispel rumors spread on social media platforms, which falsely claimed that a form and identity documents, such as an Aadhaar card, were required for the exchange process.
The Reserve Bank of India, along with its 19 regional offices and other banks, will begin accepting ₹2,000 notes for exchange with lower denomination currency from May 23. It is important to note that ₹2,000 notes will remain legal tender, according to the RBI's announcement.
The withdrawal of ₹2,000 notes is part of the RBI's "Clean Note Policy," which aims to ensure the circulation of fresh and undamaged currency. The central bank has indicated that the deadline for exchanging or depositing these notes may be extended beyond September 30 if necessary. Even if individuals possess ₹2,000 notes after the current deadline, they will still be considered valid currency.
Notably, individuals are not required to be existing bank customers in order to exchange the soon-to-be-discontinued ₹2,000 notes. Non-account holders can exchange these notes, up to a limit of ₹20,000 at a time, at any bank branch.
The RBI has clarified that no fees will be charged for availing the exchange facility. Furthermore, banks have been instructed to make arrangements to minimize inconvenience for senior citizens and individuals with disabilities who wish to exchange or deposit ₹2,000 notes.
According to the RBI, approximately 89% of the ₹2,000 denomination banknotes were issued before March 2017 and are approaching their estimated lifespan of four to five years. As of March 31, 2023, the total value of ₹2,000 notes in circulation has declined significantly to ₹3.62 lakh crore, constituting only 10.8% of the total notes in circulation.
Government sources have stated that people can exchange ₹2,000 notes for up to ₹20,000 any number of times in a day. Individuals need to join the queue, and they can return to the same queue for subsequent exchanges after completing their initial transaction.
The State Bank of India has clarified the process of exchanging or depositing ₹2,000 notes, affirming that no requisition slip is required. Speculation regarding the need for forms and identity documents has been deemed misinformation. The Reserve Bank of India has initiated the withdrawal of ₹2,000 notes and will accept them for exchange with lower denomination currency until September
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