No form or identity proof required for exchanges of Rs 2,000 notes

No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. the State Bank of India issued a guideline to all its branches saying it will be allowed "without obtaining any requisition slip". Rs 2,000 notes up to a total value of Rs 20,000 can be deposited or exchanged at a time, the guideline reiterated.The clarification comes amid alleged misinformation on social media that a form would need to be filled out, along with submitting identity documents like an Aadhaar card, in order to exchange the banned notes. There is no restriction on standing in the queue again after exchanging or depositing the notes once.

The RBI clarified that people don't have to pay any fee to avail of the exchange facility. Further, banks have been instructed to make arrangements to reduce inconvenience for senior citizens and persons with disabilities who wish to exchange or deposit  Rs 2,000 banknotes. About 89 per cent of the Rs 2,000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated lifespan of four-five years. The total value of these banknotes in circulation declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3 per cent of notes in circulation) to Rs 3.62 lakh crore constituting only 10.8 per cent of notes in circulation on March 31, 2023," the RBI said.