SBI to allow customers to exchange up to Rs 20,000 in Rs 2,000 notes without Annexure III slip
"It has been decided that the facility of exchange of Rs.2000/- denomination Bank Notes to all members of the public upto a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip as per the format attached in Annexure...
By ET Online | Updated:
SBI says no ID proof or forms required for exchanging Rs 2,000 notes of up to Rs 20,000 limit
India's largest lender on Sunday announced that it would be allowing customers to exchange the soon-to-be withdrawn Rs 2000 note without a requisition slip for amounts up to Rs 20,000.
The move will allow people to swap out 10 notes at one go, without filling in the requisition slip.
"It has been decided that the facility of exchange of Rs.2000/- denomination Bank Notes to all members of the public upto a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip as per the format attached in Annexure- III," a circular from the state lender said.
In addition, the bank clarified that people will not need to submit identification at the time of exchange.
"Further no identity proof is required to be submitted by the tenderer at the time of exchange," the circular adds.
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The Reserve Bank of India on Friday announced that it would be withdrawing the Rs 2000 currency notes from circulation, giving the general public till September 30 to deposit or exchange the currency. The denomination will continue to be a legal tender, the RBI said in a statement.
The RBI advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect, when it made the announcent.
India's largest denomination, the Rs 2000 note, was first introduced in November 2016, after the Narendra Modi government had announced that they would be scrapping Rs 500 and Rs 1000 notes.
