TIL Desk/Business/New Delhi/ No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. The Reserve Bank of India on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.
Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender. In a communication to chief general manager of all its local head offices, State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes by public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.
With regard to deposit of such notes in own account, RBI has not specified any limit but it will be subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory requirements. ‘Further, no identity proof is required to be submitted by the tenderer at the time of exchange,’ the communication dated May 20 said.
