Amid the news of the Rs 2000 currency notes ban, the State Bank of India (SBI) said that its customers will not have to fill out any requisition forms or exchange their currency notes. However, the customers will be allowed to exchange a maximum of ten currency notes of Rs 2000 at a time.
“Please arrange accordingly and extend all cooperation to members of the public so that the exercise is conducted in a smooth and seamless manner without any inconvenience to the public,” SBI said in its communication.
Meanwhile, the RBI said that although it will withdraw Rs 2000 currency notes from circulation, they will continue to remain as legal tender. RBI advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect but citizens will be able to deposit the currency notes into their bank branches up to September 30, 2023.
“It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public,” RBI said on Friday.
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