All banks have been ordered to provide deposit or exchange services for Rs 2,000 banknotes until September 30.
Digital Desk: Consumers can now exchange their Rs 2,000 denomination
bank notes without acquiring a requisition slip, according to the State Bank of
India, who also stated that consumers will not be needed to show any identity
verification or any paperwork when exchanging up to Rs 20,000 at a time.
SBI
has requested that all of its branches extend all "cooperation to conduct
the exchange exercise in a smooth and seamless manner without inconveniencing
the public."
On
Friday, the Reserve Bank of India announced the withdrawal of Rs 2,000 notes
from circulation and requested individuals to swap them at banks by September
30.
All banks have been ordered to provide deposit or exchange
services for Rs 2,000 banknotes until September 30.
In a statement, the Reserve Bank of India (RBI) stated that it has
advised banks to stop issuing Rs 2,000 notes with immediate effect.
While the RBI did not specify a limit for depositing Rs 2,000
currency notes in bank accounts, the RBI did state that an exchange of up to Rs
20,000 (10 Rs 2,000 notes) for other currency notes will be permitted at any
one time.
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