SBI: No slip or ID proof to exchange Rs 2K notes

New Delhi, May 21

The State Bank of India (SBI) on Sunday said the facility of exchange of Rs 2,000 denomination notes up to a limit of Rs 20,000 at a time would be allowed without obtaining any requisition slip or producing any identity proof. Other banks are expected to follow suit when the process starts on Tuesday.

The customers will only be allowed to exchange a maximum of 10 currency notes of Rs 2,000 at a time, according to a communication shared by the SBI with all its circles.

However, there is confusion whether the same person can repeatedly approach the special Rs 2,000 note deposit counter the same day to deposit lots of 10 notes of this denomination.

The SBI, in its communication with all the circles, has said a requisition slip having dedicated columns for details of customer’s identity proof now stands withdrawn with immediate effect.

“Please arrange accordingly and extend all cooperation to members of the public so that the exercise is conducted in a smooth and seamless manner without any inconvenience to the public,” said the SBI note.

The RBI on Friday decided to withdraw the Rs 2,000 denomination currency notes from circulation but added it would continue to remain legal tender. Banks were also told to stop issuing Rs 2,000 denomination banknotes with immediate effect. These can be deposited into bank accounts or exchanged for notes of other denominations till September 30.

Max 10 notes can be swapped

• Depositors will be allowed to exchange a maximum of 10 currency notes of Rs 2,000 at a time
• But it isn’t clear whether the same person can repeatedly approach the counter the same day to deposit lots of 10 notes