Easy Exchange of Rs 2000 Notes: The process of replacing the 2000 rupee notes taken out of circulation by the Reserve Bank of India (RBI) will start tomorrow i.e. 23 May 2023 Tuesday.
To dispel any doubts and uncertainties surrounding the requirement of forms and ID proofs during the exchange or deposit of ₹ 2,000 notes, the State Bank of India has issued a comprehensive guideline to all its branches.
The guideline explicitly states that such transactions can be conducted "without obtaining any requisition slip." Furthermore, it reiterates that ₹ 2,000 notes with a cumulative value of up to ₹ 20,000 can be deposited or exchanged in a single transaction.
Amidst the circulation of alleged misinformation on social media, claiming that individuals would need to fill out a form and submit identity documents such as an Aadhaar card to exchange the banned notes, a crucial clarification has been provided.
The State Bank of India (SBI), the country's largest bank, has notified all its branches that no form or identity proof will be required to exchange the Rs 2,000 notes, which were recently withdrawn from circulation by the RBI.
The exchange process for the Rs 2,000 notes will be ongoing until September 30, 2023. Individuals can exchange 10 notes i.e. up to a maximum limit of Rs 20,000 at a time.
The concerned authorities have completed all necessary preparations for the note exchange process, following the instructions provided by the RBI.
On November 8, 2016, the government implemented demonetization in the country, leading to the discontinuation of 500 and 1000 rupee notes, which were prevalent in the market at the time.
As a replacement, the Reserve Bank of India (RBI) introduced Rs 2,000 notes. By March 2017, these new notes accounted for approximately 89% of the total two thousand rupee notes in circulation, demonstrating their widespread usage.
However, the circulation of Rs 2,000 notes declined in 2018, reaching 37.3% of the total notes by March 31, 2018.
Consequently, the printing of these notes was halted. As of March 31, 2023, only 10.8% of the market was occupied by the remaining 2000 rupee notes in terms of cover and components.