Here are SBI guidelines for exchange, deposit of Rs 2,000 notes

Hyderabad: The Reserve Bank of India (RBI) has declared that the Rs. 2,000 notes will no longer be in use and recommended people to deposit or exchange them for lower denominations by 30 September.

People all around the country were confused about the announcement’s ramifications and the procedure for exchanging their Rs. 2,000 notes.

To prevent confusion, banks issued statements and guidelines to ensure a smooth exchange of the banknotes.

Guidelines issued by the State Bank of India

All members of the public will be able to swap Rs. 2000 banknotes up to a maximum of Rs. 20,000 without a requisition form.

The tenderer is not needed to provide identification documentation at the time of exchange.

SBI has requested that all arrangements be made and that the public get all assistance from its local head offices so that the exercise may be carried out without any problems.

People rush to deposit notes ahead of schedule

The RBI has not set a cap on the number of such notes that may be deposited, but people must comply with all current Know Your Customer (KYC) rules and other relevant legal requirements.

One can stand in a queue to exchange Rs. 2,000 notes as many times as they like, according to reports.

Numerous people were seen visiting their branches on Saturday with Rs. 2,000 notes, despite the fact that the option for exchange would be accessible from 23 May. After informing consumers of the date of exchange, bank representatives asked them to return.

On Saturday, several people deposited Rs. 2,000 notes into their accounts via cash deposit machines.

Many people have attempted to purchase gold and other precious metals from jewellery stores. However, in several regions of the nation, jewellers are reluctant to accept Rs. 2,000 notes and want KYC in addition to the required cash purchase.

Inputs from PTI