Do you need PAN Card, Aadhaar Card or any other identity proof to exchange Rs 2000 notes in SBI?

For the exchange of Rs 2000 banknotes in the State Bank of India (SBI), tenderers are not required to provide any identity proof such as PAN Card, Aadhhar Card or any other document.

The State Bank of India has instructed its officials that no identity proof is required to be submitted by the tenderer at the time of exchange.

“…Further no identity proof is required to be submitted by the tenderer at the time of exchange,” S. Murlidharan, SBI Chief General Manager (Operations) said in a letter to all circle offices.

The Reserve Bank of India (RBI) on May 19 announced that Rs 2000 banknotes will be withdrawn from circulation. However, the notes will continue to remain legal tender.

The central bank also asked the public to deposit or exchange their Rs 2000 notes in a bank till September 30, 2023.

Explaining the reason behind the decision to withdraw Rs 2000 notes, the RBI said, “The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 primarily with the objective to meet the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. With fulfilment of that objective and availability of banknotes in other denominations in adequate quantities, printing of Rs 2000 banknotes was stopped in 2018-19. A majority of the Rs 2000 denomination notes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public.”

“In view of the above, and in pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation,” RBI said.