No form or identity proof needed to exchange Rs 2,000 notes, says SBI

SBI

The State Bank of India (SBI) has informed all its branches that no form or identity proof would be needed to exchange Rs 2,000 currency notes, even as it reiterated the one-time limit of Rs 20,000 for depositing or exchanging the banknote.

The Reserve Bank of India on May 19 said it was withdrawing the Rs 2,000 note from circulation and gave citizens time till September 30 to exchange or deposit the currency notes.

"The facility of exchange of Rs 2,000 notes to all members of the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip," the country's largest lender said in a press release on May 20. "No identity proof is required to be submitted by the tenderer at the time of exchange."

The clarification came as social media was flooded with pictures of a purported "form", which would have to be filled to deposit or exchange the Rs 2,000 note. The "form" also asked for an identity proof.

Also Read | Five reasons why Rs 2,000 note withdrawal can't be compared to 2016 demonetisation

Ordering the withdrawal of the country's highest denomination notes, the RBI said the decision was taken because the objective of introducing the Rs 2,000 note had been met.

The process of depositing or exchanging the note will start on May 23. To ensure operational convenience and to avoid disruption of regular activities, the exchange of Rs 2,000 notes would be limited to Rs 20,000 at a time at any bank branch and some designated RBI offices.