Procedure to change 2000 Notes (English)
Latest Update By SBI Bank For Its Account Holders For 2000rs
As per the communication shared by the State Bank of India (SBI) with all its branches, SBI customers will not need to provide any ID cards or fill out requisition forms for exchanging their Rs2,000 currency notes. However, there is a limit of exchanging a maximum of ten currency notes of Rs2,000 at a time.
Furthermore, SBI has informed all its branches that the Annexure III, which previously included dedicated columns for customer’s identity proof, has been withdrawn with immediate effect as of May 19.
Here are some important points to consider for those searching for ‘Rs 2000 Bank Notes Exchange Near Me’ on Google:
1. Starting from May 23, you can visit any nearby bank to exchange your Rs 2000 banknotes, even if you don’t have an account with that bank.
2. If you have an account with a specific bank, it’s recommended to visit the nearest branch of that bank to deposit your money and avoid long queues.
3. You can simply search for ‘bank near me’ and enter any bank to exchange your currency notes.
4. While you have the option to visit any branch, it may be more convenient to go to the following prominent banks in the country:
– HDFC Bank
– State Bank of India
– ICICI Bank
– Axis Bank
– Kotak Mahindra Bank
– IndusInd Bank
– Yes Bank
– Punjab National Bank
– Bank of Baroda
– Bank of India
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Instructions for changing Rs 2,000 notes:
The Reserve Bank of India (RBI) has instructed banks to immediately halt the circulation of Rs 2,000 denomination notes. However, individuals who possess these currency notes can visit their bank branch to exchange them. The RBI has stated that people holding Rs 2000 banknotes can either deposit them into their bank accounts or exchange them for banknotes of other denominations at any bank branch until September 30, 2023.
WHAT LED TO THE WITHDRAWAL OF 2000-RUPEE NOTES BY THE GOVERNMENT?
When the 2000-rupee notes were introduced in 2016, their purpose was to swiftly replenish the currency in circulation within the Indian economy after the demonetization process.
However, the central bank has consistently expressed its intention to reduce the presence of high-value notes in circulation and had ceased printing the 2000-rupee notes for the past four years.
Explaining the decision to withdraw these notes, the Reserve Bank of India stated that this denomination is not widely used for day-to-day transactions.
WHY WAS THE DECISION TAKEN NOW?
Although the government and the central bank did not explicitly mention the reason for the timing of this action, analysts note that it coincides with upcoming state and general elections, during which cash usage typically increases.
Rupa Rege Nitsure, the group chief economist at L&T Finance Holdings, described the move as a prudent decision ahead of the general elections. She also mentioned that individuals who have been using these notes as a store of value may experience inconvenience.
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