No need to fill out forms for exchanging Rs 2000 notes, clarifies SBI

The State Bank of India’s top management has informed all branches of the bank that no form or requisition slip was required to be filled out by persons walking in to exchange 2,000-rupee notes.

The clarification has been issued as misinformation is being spread on social media that a form would need to be filled out, along with submitting identity documents like an Aadhaar card, in order to exchange the Rs 2000 notes that have been withdrawn by the RBI.

In accordance with the RBI’s directive Rs 2,000 notes up to a total value of Rs 20,000 can be deposited or exchanged at a time by a person, the circular to the SBI branches states.

*The RBI on Friday said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30.

*The RBI’s 19 regional offices and other banks will start taking Rs 2,000 notes for exchange with lower denomination ones from May 23. They will remain legal tender, the RBI said.

*It is not necessary for a person to be a customer of the bank to exchange soon-to-be-discontinued currency. A non-account holder can also exchange Rs2,000 notes up to a limit of Rs 20,000 at a time at any bank.

*The RBI has clarified that people don’t have to pay any fee to avail of the exchange facility.

Banks have been instructed to make arrangements to reduce inconvenience for senior citizens and persons with disabilities who wish to exchange or deposit Rs 2,000 banknotes.

“About 89 per cent of the Rs 2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of four-five years. The total value of these banknotes in circulation declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of notes in circulation on March 31, 2023,” the RBI said.

The central bank said this note is not commonly used for transactions. The RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014.