The State Bank of India has announced that customers can exchange or deposit rupees 2000 note at the bank. This announcement comes after RBI’s order of withdrawing Rs 2000 note from circulation in the market. This facility has been made available till September 30. Anybody who wants to exchange or deposit the money can do it but the amount should be 20,000 rupees at a time. However, one can exchange or deposit the notes multiple times with 20,000 each time. However, this will attract attention of enforcement agencies as well as the Income-tax Department.
A clarification announcement has come from State Bank of India that there is no need to provide any ID proof or requisition slip by customer for exchanging Rs 2000 note at the bank. This clarification comes after misinformation was being circulated saying that the customer will have to fill up a form and submit it along with an identity proof such as Aadhar card. However, it is now confirmed that the rumor is misguiding and no such documents will be asked.
Use of 2000 rupee note
It is recommended that customers visit banks for depositing or exchangeing the Rs 2000 note from may 23 so that banks can get prepared for the exchange. However, it is important to know the Rs 2000 note will still be in use for transactions or other payment. But still RBI has urged everyone to exchange the withdrawn notes till September 30, 2023. These 2000 rupee notes were introduced in November 2016 after a ban on then run rupees 500 and 1000 notes.
Demonetization in 2016
In November 2016, the then run 500 rupee and 1000 rupee notes were banned. And their legal tender status was withdrawn. However, RBI now, aims to encourage everyone to use smaller denomination currency such as rupees 100, 200 and 500 notes.