2000 Note Update News: Banks all set to tackle the rush of people to exchange Rs 2000 notes as the exchange facility is now available from today, May 23. On Monday RBI governor Shaktikanta Das appealed to the customers not to rush to the banks. The deadline for the same is likely to be pushed further to September. RBI has already said that the note will continue to be legal tender.
The RBI estimates that most of the Rs 3.6 lakh crore of this high-denomination banknote in circulation will be turned in over the next four months.
Separate records of notes
The RBI has asked banks to maintain separate daily records of the value of notes submitted at branches. It has also asked banks to set up separate counters to tackle the rush.
There was some confusion over social media about the process involved in the deposit/exchange of these high-value notes. The RBI governor said there was no need to rush to the banks to exchange Rs 2,000 as the deadline of September 30 is to ensure that the exercise is taken seriously.
RBI SOP for exchange of Rs 2000 notes
The RBI has already issued a standard operating procedure (SOP) to banks to streamline the process. Check it out:
Customers looking to deposit/exchange their Rs 2,000 notes will have to fill out a basic deposit form available at the branch. No need to provide any proof of identity. You need to fill the form and submit it along with the Rs 2000 notes.
One can exchange Rs 2000 notes up to a limit of Rs 20,000 at a time.
You can deposit Rs 2000 notes without restrictions subject to compliance with KYC norms and other statutory requirements.
Meanwhile, private banks are also in the process of formulating an internal SOP for the exchange of notes from May 23.
Must Read: Adidas is the New Kit Sponsor for the Indian Cricket Team, BCCI Secretary Jay Shah
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
