Confusion Abounds as Forms, ID Proofs Required to Exchange Rs 2,000 Notes in Some Banks
New Delhi: Confusion abounded on the first day of exchanging Rs 2,000 notes over the requirement of a valid identity proof and official forms, as against what the State Bank of India said on May 21.
From May 23 onwards, customers can go to any bank and exchange 10 notes of Rs 2,000 notes at a time with currency notes of other denominations. The facility will be available till September 30.
In an official memo, SBI said the customers can exchange their Rs 2,000 denomination bank notes up to Rs 20,000 at the branches without obtaining any requisition slip. It added no identity proof shall be required to be submitted by the tenderer at the time of exchange of notes.
However, in some places, banks are demanding customers to submit their identity cards as proof, NDTV reported.
There seems to be an inconsistent policy across all banks because several customers told NDTV that they were not asked for any ID proof, while many in various cities said that they were asked to furnish them.
Many banks have reportedly refused to exchange notes altogether, asking people to deposit them instead, the news outlet reported.
Also read: Who Is the Complicated Process to Hand in Rs 2,000 Notes Meant to Target?
There are separate guidelines on ID proofs and forms in all major banks, the NDTV report said.
Kotak Bank told NDTV they are asking for form/ID proof for non-account holders.
Axis Bank, Standard Chartered, Yes Bank, and Bank of India said they are not mandating any form or ID proof.
HSBC and Federal Bank said ID proof is required for non-account holders, but no form is required to exchange Rs 2,000 notes.
Bank of Baroda said they don't require any form but need ID proof for non-account holders.
ICICI and HDFC have said they require all customers to fill forms, but ID proof needed only for non-account holders.
The Punjab National Bank (PNB) told NDTV they don't require any form or ID, however, its Karol Bagh branch in Delhi has put up a poster at the entrance saying an officially valid document is required to exchange notes as per the bank's internal circular.
In some places, banks have even refused to exchange notes.
A customer in Delhi told NDTV that he went to four banks – PNB, Central Bank of India, Bank of Baroda, and Indian Bank, but they all refused to exchange even one note. They asked him to deposit the notes.
A branch manager at the Bank of Baroda's Worli Branch in Mumbai said the bank is asking customers to fill out forms with basic details so that they have a record of how many customers availed of the facility and how many notes were exchanged.
This article went live on May twenty-third, two thousand twenty three, at forty-five minutes past two in the afternoon.The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
