Will ID proof be required for exchanging ₹ 2000 notes above ₹ 20000? What is the meaning of SBI circular

A notification came on Sunday related to the replacement of the notes of 2000 rupees going to be closed by the State Bank of India, created a panic. You will get the answer to every question related to this here.

The country's largest bank SBI issued a notification on Sunday. It was related to the exchange of 2000 rupee notes which are going to be closed soon. It has been said that no ID proof and request slip will have to be given to exchange notes worth Rs 2,000 up to Rs 20,000 at a time. But will this rule also apply to exchange of Rs 2000 notes worth more than Rs 20,000. Let us tell you everything here…

SBI's circular says that if a person brings Rs 2,000 to Rs 20,000 notes to the bank at a time, he can easily exchange 10 notes at a time. For this, he will not have to give any kind of identity proof and request slip, as earlier it had to be given in the form mentioned in Annexure-3. It has now been cancelled.

Rules will apply on cash exchange

SBI's new circular talks about easy exchange of Rs 2,000 bank notes up to Rs 20,000. This shows that those who reach the bank with 10 notes of Rs 2,000 as cash in hand, their notes will be changed in the bank without any investigation. While it has been clarified in the RBI circular that only notes up to Rs 20,000 value can be changed in a day, that means notes of more than this amount will not be changed at all.

While it has been clearly stated in the circular of SBI that there has been no change in any rule other than these rules regarding the change of 2000 bank notes. That is, those who deposit Rs 2,000 notes in a bank account, only RBI's circular rules will apply to them.

Rules for depositing notes in the account

According to the RBI circular, any person can deposit Rs 2,000 notes of as many denominations as he wants in his account. There is no limit to it, nor is there any kind of restriction on it. Just the KYC of the customer's account should be complete. On the other hand, if a person is exchanging notes worth Rs 2,000 from the business correspondent (bank representative) of banks, then its limit is Rs 4,000.

That is, there is no limit for depositing notes of Rs 2,000 in the account, while the exemption of identification received from the bank for depositing notes up to Rs 20,000 is not for depositing in the bank account. That is, the rules for depositing notes in the account will also be applicable for depositing Rs.2000 notes. That is, for depositing more than Rs 50,000, you will have to give PAN card.