homepersonal finance NewsDay 1 of Rs 2,000 exchange: No major rush but confusion over ID card, requisition slip prevails
Day 1 of Rs 2,000 exchange: No major rush but confusion over ID card, requisition slip prevails
Citizens started exchanging or depositing Rs 2,000 notes from May 23, 2023 (Tuesday), following Reserve Bank of India's (RBI's) decision to withdraw them from circulation. The central bank has given the public time till September 30 to either deposit such notes in accounts or exchange them at banks.
The first day of exchanging or depositing Rs 2,000 notes started on a slow note. While confusion over requirement of identity cards prevailed, some bank branches said it is mandatory for gathering basic information. No long queues or rusk was seen in major bank branches. Bank officials told CNBC-TV18 that they are not expecting large number of people rushing to banks for the exchange of Rs 2,000 notes.
However, bank officials also say that proper arrangements are in place for exchange and deposit of the currency notes.
Requirement of ID cards and form submission
There have been complaints from some places that banks are asking customers to submit identity cards as proof, suggesting a lack of consistent policy across banks. Bank of Baroda, Worli, Mumbai, while talking to CNBC-TV18, said that they are seeking basic information for exchange
"Non Bank of Baroda customers need to provide some basic information. They need to fill the form and give their ID cards. We are asking for these details as we also have to maintain our data," Ravi Ranjan, bank manager, BoB, Worli said.
A bank staff from ICICI Bank, Mumbai told CNBC TV-18 that those who don't have an ICICI account and want to exchange Rs 2,000 note will need to fill out a form.
(Image: Santia Gora/CNBC-TV18)
"They also have to submit an ID proof. In case, someone doesn't want to fill the form, he/she can fill a deposit slip sort of a slip. But ID proof is mandatory for non ICICI customers and for exchange," he said.
ICICI Bank in Connaught Place, Delhi are asking customers to fill a basic deposit form for both deposits as well as exchange of notes. The deposit form has basic details like name, account number etc of the customers. Bank officials told CNBC-TV18 that this is for their internal records.
“There was no form or ID proof required. I went and deposited Rs 40,000 in Rs 2,000 denomination. It was absolutely hassle-free but yes there was a line,” said a senior citizen who had come to deposit his money in SBI, parliament street branch, Delhi said.
Earlier, in a communication to the chief general manager of all its local head offices, the State Bank of India (SBI) informed that the facility of exchange of Rs 2,000 notes will not require an ID proof submission.
No major rush
An official from ICICI Bank said they experienced fewer customers and the branch is running low on cash.
"So, until the cash vehicle arrives, the branch will only take deposits. The exchange facility will resume only once the cash arrives," he told CNBC-TV18.
Small queues were witnessed at other branches too.
(Image: Shivani Bazaz/CNBC-TV18)
SBI, KG Marg, Delhi saw a deposit of Rs 22 lakh in Rs 2,000 denomination in the first half of Tuesday. This number includes both deposits as well as exchange from customers. State Bank of India’s main branch on Parliament Street has witnessed total deposits worth Rs 56 lakh on Saturday alone.
People are also looking to spend the Rs 2,000 notes and small businesses are saying they are still accepting the note since it is legal tender. Shop owners in Delhi’s CP area told CNBC TV18 that they are seeing large number of shoppers spending in Rs 2,000 denomination.
“I have gotten 8-10 Rs 2,000 notes since the weekend and I went to the bank today to deposit all of it. We can’t refuse to take the note, so we have to go to the bank for deposits. Thankfully the window is open till September. We had stopped seeing the note for a long time, but suddenly we are getting payments mostly in Rs 2,000 notes,” said a shop owner.
The limits on submission
Deposits of Rs 20,000 can be made without restrictions and are subject to existing instructions and applicable statutory provisions. Individuals have the option to exchange Rs 2,000 banknotes for other denominations up to a limit of Rs 20,000 at a time at any bank.
In a communication to the chief general manager of all its local head offices, the State Bank of India (SBI) also informed that the facility of exchange of Rs 2,000 notes by the public up to a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip.
One can stand any number of times in queue for exchange of Rs 2,000 notes.
First Published: May 23, 2023 3:19 PM IST
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