No ID Proof, Requisition Slip Needed To Exchange Rs 2,000 Notes, SBI Clarifies

Bhubaneswar: The State Bank of India (SBI) has clarified that the facility of exchange of Rs 2,000 denomination bank notes up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.

It added that no identity proof will be required at the time of exchange either.

The clarification came amid rumours and misinformation being circulated on social media about the need for form/slip along with identity documents such as Aadhaar card while exchanging the notes.

The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 currency notes from circulation as evidence showed the denomination was not being commonly used for transactions. But existing notes will continue to be legal tender. However, people have been advised to deposit and/or exchange them at the bank branches for smaller denominations from May 23 to September 30.

The withdrawal of Rs 2,000 has come ahead of elections in four large states at the end of the year and a national ballot in 2024 when most political parties are believed to hoard cash in high denominations to fund election campaign amid spending limits imposed by the Election Commission.