The State Bank of India has clarified that there is no need to fill out any form or obtain a requisition slip when exchanging or depositing ₹2,000 notes. People can exchange or deposit ₹2,000 notes up to a total value of ₹20,000 at a time, and there is no restriction on standing in the queue multiple times.
The Reserve Bank of India (RBI) has announced the withdrawal of ₹2,000 notes from circulation, and they can be exchanged or deposited in bank accounts by September 30. The RBI’s regional offices and other banks will start accepting ₹2,000 notes for exchange with lower denominations from May 23. The ₹2,000 notes will remain legal tender. The RBI has stated that this measure is part of its “Clean Note Policy.”
Non-account holders can also exchange ₹2,000 notes up to a limit of ₹20,000 at any bank branch, and no fee is required for the exchange. The RBI has instructed banks to make arrangements to facilitate the process for senior citizens and persons with disabilities.
The RBI has provided statistics on the circulation and usage of ₹2,000 notes, stating that their total value in circulation has decreased over time. This is not the first time the RBI has withdrawn notes from circulation, as a similar measure was implemented in 2013-2014.
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