No form, identity proof needed to exchange ₹2,000 notes: SBI

The Reserve Bank of India announced the withdrawal of ₹2,000 currency notes from circulation. 
| Photo Credit: M.A. Sriram

The State Bank of India on May 21 clarified that the facility of exchange of ₹2,000 denomination bank notes up to a limit of ₹20,000 at a time will be allowed without obtaining any requisition slip. Further, no identity proof is required to be submitted at the time of exchange, according to a statement issued by the bank.

The Reserve Bank of India has announced the withdrawal of ₹2,000 currency notes from circulation. The bank said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.

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The banknotes in ₹2,000 denomination will continue to be a legal tender, the RBI had said in a statement.

In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of ₹2,000 bank notes into banknotes of other denominations can be made up to a limit of ₹20,000 at a time at any bank starting from May 23, 2023.

The RBI has advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect.

Besides, the facility for the exchange of ₹2,000 bank notes up to the limit of ₹20,000 at a time will be provided at the 19 Regional Offices (ROs) of the RBI having issue departments from May 23.

(With PTI inputs)