No ID proof or requisition slip required for exchange of Rs 2,000 currency notes: SBI

The State Bank of India (SBI) on Sunday said people do not need a requisition slip or identity proof to exchange Rs 2,000 notes up to Rs 20,000.

The RBI has fixed the amount that can be exchanged at Rs 20,000 to avoid rush in banks. Bank branches were also given 2 days to prepare for the influx of customers who want to exchange these notes.

The clarification comes amid much confusion after the Reserve Bank of India (RBI) said on Friday that Rs 2,000 notes will be withdrawn from circulation and people must return them to the bank. These notes can be returned by September 30.

Banks will start accepting these notes from people/public from May 23, the RBI circular added. However, the RBI said the notes will remain legal tender till September 30, the last day for exchange of notes.

The government introduced Rs 2,000 notes in November 2016 after demonetisation. At that time, the 1,000 and 500 rupee notes ceased to be legal tender. People were queuing up to exchange Rs 500 and Rs 1000 notes.

The decision to demonetise was announced by the Prime Minister himself and the 1,000 and 500 rupee notes were out of circulation overnight. Then the government introduced new Rs 2000 notes and also new Rs 500 and Rs 100 notes.