IS ID Proof Required to Exchange 2000 Notes? All Details Here

The Reserve Bank of India (RBI) withdrew the Rs. 2000 notes from circulation. All the citizens who have notes of Rs. 2000 need to exchange or deposit the money in their respective banks. The RBI has advised the citizens to start exchanging their notes, and after a period of time, these notes will be of no use.

In 2016, when notes of Rs. 500 and 1,000 lost their legal tender validity, the Rs. 2,000 denomination bank note was issued to quickly address the financial needs of the economy. The majority of Rs. 2000 denomination notes were printed before March 2017, and their predicted lifespan of 4-5 years has already been completed.

ID Proof Required to exchange 2000 notes?

As this news broke on the internet, several people started spreading misinformation. These rumours claimed that tenderers needed to submit a form along with identity documents such as an Aadhaar card to exchange or deposit the notes of Rs. 2000 denomination in a bank.

India’s biggest commercial bank, The State Bank of India withdrew its decision on the mandatory filling of a slip for exchange of ₹2,000 bank notes at its branches. The SBI Chief General Manager (Operations) Muralidharan said that,” no identity proof is required to be submitted by the tenderer at the time of exchange.”

Also the Reserve Bank of India (RBI) has not issued any such instructions to banks to collect identity proofs of tenderers swapping the ₹2,000 bank notes, and the SBI had issued the directive on its own.

Last Date to Exchange Rs. 2000 Notes

As per RBI guidelines, the exchange and deposit of Rs. 2000 notes will start on May 23, 2023. All the people who have notes of Rs. 2000 denomination are advised to exchange them or deposit them in their nearest banks before September 30, 2023.

If someone fails to deposit or exchange the money within the desired time frame, then those notes lose their credibility and will be of no use in the future.

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