No Identity Proof, Requisition Form Needed to Exchange Rs 2,000 Notes: SBI

The clarification comes after rumors suggested the need for a requisition form and Aadhaar card for the exchange.

The State Bank of India (SBI) announced on Sunday, 21 May, that customers can exchange Rs 2,000 denomination banknotes, up to ₹20,000, at branches without a requisition slip or identity proof.

(Photo: PTI)

The State Bank of India (SBI) announced on Sunday, 21 May, that customers can exchange Rs 2,000 denomination banknotes, up to ₹20,000, at branches without a requisition slip or identity proof.

The clarification comes after several rumors on social media suggested the need for a requisition form and Aadhaar card for the exchange.

In their notice, SBI said:

“Exchange of Rs.2000/- denomination Bank Notes to all members of the public up to a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip"

The Reserve Bank of India (RBI) on Friday, said it will withdraw ₹2,000 notes from circulation, and that people can either exchange or deposit them by 30 September, adding that the note will remain a legal tender.

The ₹2,000 note was introduced in 2016 after the Narendra Modi-led government demonetised ₹500 and ₹1000 denominations, without prior intimation.

The RBI's Rationale

"The objective of introducing ₹2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of ₹ 2000 banknotes was stopped in 2018- 19," the RBI said in a statement.

"In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made up to a limit of ₹20,000 at a time at any bank starting from 23 May 2023," the RBI added.

In the press release , the RBI has referred to a 2104 order when they withdrawn all banknotes issued prior to 2005. Back then, the RBI had given three months for people to exchange/deposit the notes and after the three months were up, people depositing more than 10 pieces of Rs 500/Rs 1000 note had to provide identity and residence proof.

Secondly, it also refers to its “clean note policy” and says that the withdrawal is done to “ensure availability of good quality banknotes”.