PAN, Aadhaar or any other identity proof required to exchange Rs 2000 notes in SBI if the limit is exceeded, Read in details here

RBI Guidelines On Rs2000 Notes: On May 19, 2023, it was announced to take the 2000 currency note out of circulation. Till September 30, these notes can be changed by going to any bank. RBI has also issued guidelines for exchange of notes.

What are the guidelines of the bank?

According to the guidelines of the bank, you can exchange 20,000 rupees i.e. 10 notes of 2000 in a day. People will not have to fill any form to exchange notes. The bank will not charge any fee for note exchange, also people do not need to show any ID proof. India's largest public sector bank State Bank of India (SBI) has also issued a circular regarding note exchange.

Banking rules have to be followed?

You can exchange notes of up to 20 thousand rupees every day. There is no limit for depositing money in the account. You have to follow the rules made by RBI while depositing money in the bank.

If you deposit more than 50 thousand cash, then you will have to show PAN card and Aadhaar card. As per RBI rules, you can deposit only Rs 50,000 in a day. Deposits can be made only up to Rs 20 lakh in a year. If you deposit more cash than this, you will have to give PAN number.

What if I deposit more cash?

If you deposit more than 50 thousand cash, then the bank gives its information to the Income Tax Department. After this, the Income Tax Department accesses the matter and also takes action if it is wrong. In these cases, the banks and the Income Tax Department work according to the rules. At present, no new rule has come into force.

Can the deadline be extended after 30th September?

RBI has fixed the note exchange deadline as 30 September 2023. Many people are abroad, so it is possible that after September 30, some concessions can be given to them. The date of exchange of notes for common people is unlikely to be extended. As of now, no information has been given regarding this.