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Banks gear up as exchange process for ₹2000 notes starts today
May 23, 2023
Anticipating a rush to swap ₹2,000 currency notes for smaller denominations on Tuesday, banks will have dedicated counters, people to manage queues and enough inventory of lower denomination banknotes, officials said on Monday.
The Reserve Bank of India on Friday said the process of swapping ₹2,000 currency notes, which will remain a legal tender, will start from Tuesday and continue till the end of September.
The high-value notes can be exchanged without a requisition slip or identity proof, the central bank said. However, officials of some banks said they will allow deposits or exchange of ₹2,000 notes only if a person shows identity proof.
In many states, banks have sought the help of local police to regulate queues in case of heavy rush, officials said. Banks have cautioned people against trying to deposit or exchange fake ₹2,000 notes, saying a police case would be registered against such people.
In Uttar Pradesh, 12,000 bank branches have decided to set up separate counters for depositing or exchange of the ₹2,000 notes, said Anil Tiwari, spokesperson of the United Forum of Bank Unions. Banks are not expecting a huge rush as only 10% of the ₹2,000 notes are in circulation, he said.
Account holders whose KYC has been done can deposit any number of ₹2,000 notes in their accounts, and only notes worth ₹10,000 will be allowed in Jan Dhan accounts, Tiwari said.
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