SBI Withdraws Requirement For Requisition Slips For Exchange Of Rs 2,000 Notes

The State Bank of India has withdrawn the requirement for requisition slips for exchange of Rs 2,000 currency notes that are set to be pulled out of circulation.

"It has been decided that the facility of exchange of Rs 2,000 denomination bank notes up to a limit of Rs 20,000 at a time will be allowed without any requisition slip," India's largest public sector lender said Sunday. "Further, no identity proof is required to be submitted at the time of exchange."

The Reserve Bank of India had on Friday said that Rs 2,000 notes will be removed from circulation but remain legal tender. The public can either deposit or exchange their Rs 2,000 notes at any bank branch.

The deposits can be made in the usual manner without restrictions and subject to extant instructions and other applicable statutory provisions, it had said.

However, in order to ensure operational convenience and avoid disruption of regular activities of bank branches, exchange of Rs 2,000 bank notes to bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023, up until Sept. 30.