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No ID Proof Required To exchange RS 2,000 Notes
No ID Proof Required To exchange RS 2,000 Notes
Highlights
- On Sunday, the State Bank of India announced that clients could swap bank notes with denominations ranging from 2,000 to 20,000 at any of its locations without needing a request slip.
- The tenderer will not be required to provide identification documentation at the time of note exchange.
On Sunday, the State Bank of India announced that clients could swap bank notes with denominations ranging from 2,000 to 20,000 at any of its locations without needing a request slip. Additionally, the tenderer will not be required to provide identification documentation at the time of note exchange.The bank's clarification of its remark comes in the wake of speculations and false information that have been spreading on social media, which demanded that tenderers submit a form along with identity credentials such an Aadhaar card.
The Reserve Bank of India withdrew two thousand rupee notes from circulation on Friday. Until September 30 of this year, consumers are asked to deposit these notes into their accounts or exchange them at the closest bank branches. To give the banks adequate time to set up for the process, the central bank has recommended that customers approach the banks for their deposit and/or exchange starting on May 23.
However, the 2,000-note denomination will still be used for transactions and other payments, according to the RBI. The withheld notes should be exchanged by the end of September, nevertheless.
Meanwhile, in November 2016, the 2,000-denomination bank note was issued, largely to quickly address the economy's need for money following the withdrawal of legal tender status for all circulating 500- and 1,000-denomination bank notes.
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