SBI’s u-turn: No slip, ID proof needed to swap ₹2,000 notes

Source: The post is based on the article “SBI’s u-turn: No slip, ID proof needed to swap ₹2,000 notes” published in The Hindu on 22nd May 2023

What is the News?

State Bank of India(SBI) has withdrawn its decision on the mandatory filing of a slip for the exchange of ₹2,000 banknotes at its branches.

What is the issue?

The Reserve Bank of India had recently withdrawn ₹2,000 notes from circulation and has asked people to deposit these notes into their accounts or exchange them at the nearest bank branches till September 30, 2023.

After this SBI said that it is mandatory to fill out a slip for the exchange of ₹2,000 banknotes at its branches. However, this condition has now been withdrawn.

How can one exchange Rs 2000 notes at banks now?

State Bank of India(SBI) has clarified that no requisition form and identity proof are required to exchange Rs 2,000 notes.

This means any member of the public can exchange Rs 2,000 notes across the counter in any branch without any identity proof or slip.

However, if an SBI customer wants to deposit the notes surrendered in his account, he may have to submit the requisition slip which is the normal practice.

Moreover, if a person is holding more than 10 pieces of Rs 2,000 notes, he will be able to exchange it on different days without any hassles as the exchange is not being recorded.