The State Bank of India announced that people can exchange bank notes with denominations ranging from 2,000 to 20,000 at any of its locations without needing a request slip. You also won’t need to show any identification. This announcement was made on Sunday.
The Reserve Bank of India withdrew two thousand rupee notes from circulation on Friday. Until September 30 of this year, consumers are asked to deposit these notes into their accounts or exchange them at the closest bank branches. The central bank recommends that customers approach the banks for their deposit and/or exchange starting on May 23.
The 2,000-note denomination will still be used for transactions and other payments, according to the RBI. The old notes should be exchanged by the end of September.
In November 2016, the 2,000-denomination bank note was issued to address the economy’s need for money following the withdrawal of legal tender status for all circulating 500- and 1,000-denomination bank notes.