Confusion in rules related to exchange of ₹2000 notes up to ₹20,000 denominationImage Credit source: Reuters

The Reserve Bank of India (RBI) announced on 19 May that ₹ 2000 notes would be gradually phased out in the country. Banks have been barred from doing transactions in these notes with immediate effect. At the same time, the general public has been given time till September 30 to exchange their ₹ 2000 notes with others, but the different guidelines for changing the notes have kept the public ‘confused’, and in this hot summer there is no need to follow the rules. This confusion is blowing their ‘fuse’. What is the matter after all…?

In fact, the matter of confusion in the rules is related to exchange of ₹ 2000 notes up to the value of ₹ 20,000, because the rules for depositing these notes in the bank are quite clear. Rs 2,000 notes can be deposited in bank accounts in the usual way. There is neither any kind of restriction nor any limit has been fixed on this. Just the rules and charges regarding cash deposits of banks will be applicable.

‘Confusion’ regarding the rules for changing notes

Confusion among people regarding the rules related to exchange of ₹ 2000 notes by going to the bank, the country’s largest bank ‘state Bank of India’ (SBI) has started with a notification. SBI had issued a notification on Saturday saying that people can exchange ₹ 10 notes of ₹ 2000 at its branches without any ID proof and request slip. That is, people can go to the bank and exchange ₹ 2000 notes directly from the counter.

some sort of explanation Punjab National Bank (PNB) on Tuesday. PNB said that people in its branches can exchange ₹ 2000 notes without giving details of Aadhaar or verified documents. While an official of Union Bank of India has also talked about changing the money of people without proof. But this is not happening in every bank.

Are different rules being followed in government and private banks?

Now different guidelines are being followed in different banks of the country regarding the exchange of ₹ 2000 notes. Bank of Baroda An official of Mathura’s branch told on the condition of anonymity that an entry is being made in the register to exchange 2000 rupee notes here. In this, information about the customer’s Aadhaar number, phone number and how many notes have been changed is being entered.

similar information Indian Bank An official of the Jhansi branch said that a format has come from the headquarters to change the 2000 rupee note. Details related to the identity of the customer are being entered on this. At the same time, branches have also been asked to maintain CTR.

This condition is not only of government banks but also of private banks. Axis Bank An official of Noida branch informed that requisition slips are being filled from the customers coming for note exchange. At the same time, details of their Aadhaar and other KYC documents are also being recorded from them. similar practice Kotak Mahindra Bank The officials have said to follow up.

What do RBI guidelines say?

On May 22, the Reserve Bank of India issued guidelines for banks to exchange 2000 rupee notes. In this, it has been said to provide the facility of drinking water to the customers coming for note exchange. At the same time, instructions have also been given to make a shady waiting area for them in summer. Along with this, banks also have to inform RBI on daily basis about ₹ 2000 notes deposited in their accounts for exchange.

The facility of exchange of Rs 2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier: Reserve Bank of India (RBI)

Exchange of the Rs 2000 banknotes into banknotes of other denominations can be made up to a pic.twitter.com/HpbqEpiwie

— ANI (@ANI) May 22, 2023

One more thing has been said in this notification that the ₹ 2000 note will be changed in the ‘Usual Manner’ at all the branches of the banks. In this, it has been said about ‘normal method’ i.e. banks have been left to make rules according to their own. There is no talk of not giving ID proof anywhere in this.

RBI did not say about “No ID Proof”

Not only this, in a press briefing on Monday, RBI Governor Shaktikanta Das also said that whatever are the existing procedures and methods of depositing or exchanging cash, banks will have to follow them. Central bank is not going to make any new rule to change ₹ 2000 note. For example, on depositing more than Rs 50,000 in cash in a bank account, PAN card details have to be given.

Whereas in the RBI’s notification of May 19, banks have also been asked to follow the Cash Transaction Reporting (CTR) and Suspicious Transaction Reporting (STR) rules as per the requirement. That’s why the matter of changing money without ID proof seems to be limited to the notifications of some banks.