The State Bank of India on Sunday said that Rs 2,000 notes up to a total value of Rs 20,000 can be deposited or exchanged at a time without any identity proof or requisition slip, ANI reported.
The Reserve Bank of India on Friday had announced the withdrawal of Rs 2,000 notes from circulation, saying that evidence showed the denomination was not being commonly used for transactions. The central bank had said that Rs 2,000 denomination will remain legal tender but asked people to exchange or deposit them in their accounts by September 30.
The Reserve Bank of India has also asked banks to stop issuing Rs 2,000 denomination bank notes with immediate effect.
The Narendra Modi-led Bharatiya Janata Party government had introduced Rs 2,000 notes after the November 2016 demonetisation move, when Rs 500 and Rs 1,000 denominations were abruptly withdrawn in what the government claimed was a measure to curb corruption. Experts believe that the move was destructive for the economy as well as large sections of the population, some of which are still reeling from its effects.
In 2019, the central bank had reduced the printing of Rs 2,000 notes to a minimum.