RBI Advises Banks To Continue Exchange of Rs 2,000 Notes In Usual Manner

The Reserve Bank of India (RBI) on Monday issued further guidelines to the banks in relation to the withdrawal of Rs 2000 currency notes.

India's central bank has advised all banks to provide the facility of exchange of Rs 2000 banknotes across the counter to the public in the usual manner, as was being provided earlier, said Suman Ray, Chief General Manager in-Charge, in a circular.

Considering the summer season, the banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc.

In addition it, the banks have been asked to maintain daily data on deposit and exchange of Rs 2000 banknotes.

In a surprise move, the RBI on Friday announced the withdrawal of Rs 2,000 currency notes from circulation. It has given public time till September 30 to either deposit such notes in accounts or exchange them at banks.

Unlike the November 2016 shock of demonetisation, when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender.

India's largest lender SBI on Sunday announced that it would be allowing customers to exchange Rs 2000 notes without a requisition slip for amounts up to Rs 20,000. It means people can swap out 10 notes in one shot. "It has been decided that the facility of exchange of Rs.2000/- denomination Bank Notes to all members of the public up to a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip as per the format attached in Annexure- III," a circular from the SBI said.

Also, it has stated that people will not need to provide identification proof to submit the notes in its branches. "Further no identity proof is required to be submitted by the tenderer at the time of exchange," the circular added.

However, the withdrawal of Rs 2000 notes has come under attack from the Opposition parties. Congress general secretary Jairam Ramesh criticised the BJP government and said, "Typical of our self-styled Vishwaguru. First Act, Second Think (FAST). 2000 rupee notes introduced with such fanfare after that singularly disastrous 'Tughlaqi firman' of Nov 8 2016 are now being withdrawn.''

West Bengal Chief Minister slammed the Centre and said, "Another whimsical & Tughlaqi demonetisation drama of Rs. 2000 notes will hit the common people hard once again by subjecting them to massive harassment,"