Banks Must Exchange Rs 2,000 Notes In 'Normal Order Of Business': RBI
Banks have to maintain a daily data log of the Rs 2,000 currency notes deposited or exchanged at their branches
Banks must exchange Rs 2,000 currency notes in the normal order of business, the Reserve Bank of India said, clarifying that there are no additional requirements.
"The facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier," the regulator said in a circular on Monday.
In the case of mutilated and soiled notes, the RBI does not require the public to fill out any forms.
The circular comes after the State Bank of India introduced requisition slips for the exchange and then later withdrew the requirement. It also said that no identify proof would be required.
The RBI said on Friday evening said that Rs 2,000 currency notes would be withdrawn from circulation. The regulator has allowed the exchange of Rs 2,000 currency notes with currency of other denominations since Tuesday. Customers can swap notes worth up to Rs 20,000 in one go at any bank branch or RBI regional office.
They can also approach business correspondents, but the maximum limit for exchange in that case has been set at Rs 4,000.
The RBI has also asked banks to maintain a daily data log of the Rs 2,000 currency notes exchanged or deposited at their branches.
"Banks are advised to provide appropriate infrastructure at the branches, such as shaded waiting spaces, drinking water facilities, etc., considering the summer season," the RBI said.