No form or identity proof required for exchanges of Rs 2,000 notes

In a May 20 circular, the State Bank of India informed all its branches that no form and identity proof were required to exchange Rs 2,000 notes, which the RBI pulled out from flow immediately.

"The facility of exchange of Rs 2,000 to all members of the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip."

On Friday, the Reserve Bank of India announced that it will withdraw the circulation of Rs 2,000 currency notes but said that the notes would remain legal tender.

However, there is no need to panic as the RBI has said that citizens can deposit Rs 2,000 notes in banks or exchange them with other currency denominations by September 30, 2023.

The exchange of Rs 2,000 notes into bank notes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023, the RBI said.

All banks shall provide deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023, the reserve bank said.