On Sunday, the State Bank of India announced that clients may swap bank notes with denominations ranging from 2,000 to 20,000 at any of its locations without needing a request slip. Additionally, the tenderer will not be required to provide identification documentation at the time of note exchange.
The bank's explanation comes in the wake of speculations and false information that have been spreading on social media, which demanded that tenderers provide a form along with identifying credentials such as an Aadhaar card.
The Reserve Bank of India withdrew two thousand rupee notes from circulation on Friday. Until September 30 of this year, consumers are advised to deposit these currencies into their banking accounts or return them at the closest bank branches.
To allow the banks adequate time to set up the procedure, the central bank has recommended that customers contact the banks for their deposit and/or exchange starting on May 23.
The 2,000 notes will still be accepted for purchases and other expenses. Nevertheless, the RBI suggested exchanging the withdrawn notes before the end of September.
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