In yet another development into the withdrawal of Rs 2,000 currency notes, the State Bank of India (SBI) has issued a clarification regarding the exchange of Rs 2,000 currency notes. The SBI in a circular which was issued on Saturday said that people don’t need to fill out requisition forms if a person wishes to exchange their Rs 2,000 currency notes up to the limit of Rs 20,000 at a time. If anyone wishes to get an amount beyond Rs 20,000 of the said currency exchanged then they will have to fill the requisition form.

The circular further added that the tenderer won’t have to submit any proof of identification at the time of the exchange either. 

The RBI announced on Friday that the goal of introducing the Rs 2,000 currency note had been fulfilled due to which the currency notes of Rs 2,000 will be withdrawn from circulation. The said currency note will continue to be a legal tender, according to the central bank, however, it encouraged holders to exchange or deposit them before September 2023. 

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Beginning on Tuesday, May 23, the procedure of depositing and exchanging Rs 2,000 notes will begin. The RBI said that in order to avoid any disruption of regular activities of bank branches and ensure operational convenience, the exchange of Rs 2,000 notes could be made up to a limit of Rs 20,000 at a time at any bank starting from May 23.

Apart from the aforementioned development, the rest of the instructions given by the SBI still stand tall as mentioned in the circular.

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