The State Bank of India (SBI) clarified on Sunday that the exchange of Rs 2000 notes can be done without the need for a requisition slip, as part of the effort to withdraw high-value currency from circulation. SBI stated that no form, requisition slip, or identity proof is required for the exchange of Rs 2000 notes up to a limit of Rs 20,000 at a time.
SBI communicated this information to the chief general manager of all its local head offices, emphasizing that the public can exchange Rs 2000 notes up to Rs 20,000 at a time without obtaining any requisition slip. However, when depositing such notes in their own accounts, individuals will need to comply with the existing Know Your Customer (KYC) norms and other applicable statutory requirements, although no specified limit has been set by the RBI.
The communication from SBI further stated that there is no requirement for the tenderer to submit any identity proof during the exchange process. In order to ensure a smooth and hassle-free experience for the public, SBI has requested its local head offices to provide all necessary arrangements and cooperation.
In a surprise move on Friday, the RBI announced the withdrawal of Rs 2000 currency notes from circulation. However, the public has been given until September 30 to either deposit these notes into their accounts or exchange them at banks.
With this clarification from SBI, individuals can now exchange Rs 2000 notes up to Rs 20,000 without the need for a requisition slip. The SBI’s efforts to simplify the exchange process and provide a seamless experience for the public align with the RBI’s objective of withdrawing high-value currency from circulation.