PAN Card compulsory for depositing over Rs 50,000 in Rs 2000 banknotes, says RBI

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Rs 2000 deposit in bank: For deposits of Rs 50,000 or more in Rs 2000 currency notes, you will have to furnish PAN Card before the bank, according to RBI Governor Shaktikanta Das.

The RBI Governor today said that the existing Income Tax requirement of PAN for Rs 50,000 or more deposits in bank accounts will apply to Rs 2,000 notes as well.

“Existing Income Tax requirement of PAN for Rs 50,000 or more deposits in bank accounts will apply on Rs 2,000 notes as well,” Das said while speaking to reporters today (May 22).

Meanwhile, the RBI today issued a fresh notification to banks saying the facility of exchange of Rs 2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier.

The RBI has also advised Banks to “provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season.”

Banks have also been asked to maintain daily data on deposit and exchange of Rs 2000 banknotes in the format given below and submit the same as and when called for.

Bank NameDateAmount of ₹2000 banknotes ExchangedAmount of ₹2000 banknotes DepositedTotal Amount

The RBI Governor’s statement comes a day afer State Bank of India (SBI) said no identity proof of tenderers shal be required for exchange of Rs 2000 notes. The limit for exchange of Rs 2000 notes in all banks including SBI and HDFC Bank is Rs 20000 at a time. That means, you can exchange only 10 Rs 2000 notes at a time in a bank. However, there is no limit on the amount or the number of Rs 2000 notes you can deposit in your account from tomorrow.

While the deadline for depost or exchange of Rs 2000 notes is Septemebr 30, the Government has clarified that the notes will continue to remain legal tender even after the last date.

(With PTI inputs)


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