ID proof not must for 2,000 note exchange at banks

Banks will not demand any identity proof for the exchange of $2,000 banknotes, and there is no cap on the number of times one could get this done in a day, an official familiar with the procedure banks will follow said.

- gireesh.p

Banks will start the exchange facility from Tuesday as mandated by the Reserve Bank of India last week. The person cited above said, citing an instruction issued by a state-owned bank to its local head offices, that no identity proof is required to be submitted by the tenderer at the time of the exchange.

"No form or slip of any nature has been prescribed by the RBI or banks for exchange of 12,000 notes, which is onetime, up to 20,000. There is no restriction on the tenderer on the number of times he can stand in the queue," said the person, explaining that the limit of exchanging 10 banknotes at a time was meant to manage crowds at banks. No requisition slips are required, and the bank's instructions are clear, the person said.