‘Follow RBI rule for exchange of Rs 2,000 notes’

 

Recently, the Government of India has announced withdrawal of Rs 2,000 currency notes from circulation though it is to be treated as legal tender for some time. Reserve Bank of India (RBI) has issued a circular S-234 dated 19-5-2022 and circular S-239 dated 22-5-2023. While announcing the withdrawal of Rs 2,000 currency notes, vide the above RBI circular S-234, banks were asked to collect a requisition letter, identity proof, etc. from those who wish to exchange the notes worth Rs 20,000. But, the customers having an account in the bank, need not have to furnish any document. Similarly, those who are going for exchange of less than Rs 20,000 also need not have to provide the details.

Later on, the revised circular S-239 dated 22-5-2023 issued by the RBI directed the banks to facilitate the exchange without collecting any documents from the citizens for less than Rs 20,000 in one go. Jaiwant Gurway, General Secretary, EMBEA Nagpur, said, “RBI instruction is very clear that the exchange of the Rs 2,000 banknotes across the counters should be facilitated in an usual manner i.e., without insisting on any request slip or ID proof since these bank notes continue to be a legal tender.”

Accordingly, it has been observed that for exchange of Rs 2,000 notes, banks like State bank of India (SBI), Punjab National Bank (PNB) and Bank of India (BOI) are not asking for request slip from the citizens. But, banks like Bank of Maharashtra, Canara Bank, Union Bank and Indian Bank are asking for KYC documents, request slips, serial number of bank notes from public. This contradictory stand by the nationalised banks has created a state of confusion among the citizens.

“We do not want to recall the miseries faced by the employees and officers during the demonetisation process in 2016-17. They have suffered enough. We cannot face it anymore,” he said. “We, being a responsible union have requested all the banks to abide by RBI circulars. Our parent organisation AIBEA has sent a letter to Indian Banks’ Association to instruct all the banks to abide by RBI instructions,” Gurway added.