The Reserve Bank of India (RBI) has announced that no form or requisition slip is needed for the exchange of Rs 2,000 notes, up to a limit of Rs 20,000 at a time. This move is part of an effort to withdraw high-value currency notes from circulation. Unlike the sudden demonetization in November 2016, where old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will remain legal tender. The State Bank of India (SBI) has communicated that the public can exchange Rs 2,000 notes without a requisition slip. No identity proof is required during the exchange process.
The RBI has not specified a limit for depositing such notes in personal accounts but it must comply with Know Your Customer (KYC) norms and other statutory requirements. The RBI has urged its local head offices to provide necessary support and ensure a smooth exchange process for the public. Although the exchange facility starts on May 23, some customers have already attempted to exchange their Rs 2,000 notes, while others have used cash deposit machines or visited jewellery shops for alternative transactions. The Confederation of All India Traders (CAIT) believes that this withdrawal will primarily impact the wealthy class who have accumulated large quantities of Rs 2,000 notes, but it does not foresee any major disruptions in trade activities.
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