In order to swap Rs 2,000 notes up to a maximum of Rs 20,000 at a time as part of the effort to remove high-value currency notes from circulation, no form or request slip is necessary.
In an unexpected decision, the Reserve Bank of India announced the withdrawal of Rs 2,000 currency notes from circulation on Friday.
However, it granted the people until September 30 to either deposit the notes in accounts or exchange them at banks.
The old Rs. 500 and Rs. 1,000 notes were suddenly rendered useless overnight after the shock of demonetisation in November 2016, but the Rs. 2,000 notes will still be accepted as legal tender.
State Bank of India (SBI) told the chief general managers of all its local head offices that the public will be able to exchange Rs 2,000 notes up to a maximum of Rs 20,000 at a time without needing to get a requisition slip.
The RBI has not set a cap on the amount of such notes that may be deposited in their own accounts, but they must comply with all current Know Your Customer (KYC) rules and other relevant legal requirements.
The communication from May 20 stated, “Furthermore, no identity proof is required to be submitted by the tenderer at the time of exchange.”
It has requested that all arrangements be made and that the public receive all assistance from its local head offices so that the exercise can be carried out without any problems.
One can stand in queue for the exchange of Rs 2,000 notes as many times as they like, according to sources.