The State Bank of India (SBI), in a communication to its local head offices, informed that the exchange of Rs 2,000 notes by the public, up to a limit of Rs 20,000 at a time, would not require a requisition slip. The RBI has not specified a limit for depositing such notes into one's own account, but compliance with Know Your Customer (KYC) norms and other applicable requirements will be necessary.
Additionally, individuals exchanging these notes will not be required to submit any identity proof at the time of exchange. The RBI has urged its local head offices to provide full cooperation to the public to ensure a smooth and seamless process.
Although the facility for exchange is available starting May 23, some customers were seen visiting their bank branches with Rs 2,000 notes on Saturday. Bank officials informed them about the exchange start date and returned their notes.
Also read: RBI to withdraw Rs 2,000 notes: Here is what data shows on currency denominations in circulation
In a surprising move, the Reserve Bank of India (RBI) announced on Friday that it would be withdrawing Rs 2,000 currency notes from circulation. However, unlike the sudden demonetization of Rs 500 and Rs 1,000 notes in November 2016, the Rs 2,000 notes will remain legal tender. The public has been given time until September 30 to either deposit these notes into their accounts or exchange them at banks.
Some customers have resorted to depositing the Rs 2,000 notes into their accounts using cash deposit machines, while others have attempted to buy gold and other precious metals from jewelry shops.
However, many jewelers are reluctant to accept Rs 2,000 notes and require additional KYC documentation beyond the prescribed cash purchase limits in various parts of the country.
Also read: MC Explains | What to do with your Rs 2,000 currency notes?
The Confederation of All India Traders (CAIT) believes that the withdrawal of Rs 2,000 notes by the RBI will not impact small traders but will likely affect the wealthy class, which may have stockpiled large quantities of these notes. CAIT does not expect any disruptions in trade activity due to this move.
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