Day 1 Of Rs 2,000 Trade: Confusion Over ID, Kind. What Banks Stated

Rs 2,000 Notes Withdrawn: For deposits, there’s already a set process and no new guideline was wanted.

New Delhi:

The primary day of exchanging or depositing junked Rs 2,000 notes is off to a rocky begin with confusion over the requirement of formally legitimate identification playing cards, like PAN or Aadhaar, and official types. There have been complaints from some locations that banks are demanding clients submit identification playing cards as proof, suggesting a scarcity of constant coverage throughout banks. Whereas a number of clients Ednbox spoke to confirmed that they weren’t requested for ID proof, many in varied cities stated that they have been requested to furnish them. Many banks have reportedly refused to trade notes altogether, asking folks to deposit as an alternative.

India’s greatest public financial institution, the State Financial institution of India, had clarified in an official memo to its branches that no type or slip can be required whereas exchanging or depositing Rs 2,000 notes.

Main banks have confirmed to Ednbox that they’ve separate tips on ID proof and types.

Kotak Financial institution has stated they’re asking for type/ID Proof for non-account holders. Axis Financial institution, Normal Chartered, Sure Financial institution, and Financial institution of India stated they don’t seem to be mandating any type or ID proof. HSBC and Federal Financial institution stated ID proof is required for non-account holders, however no type. Financial institution of Baroda has stated they do not require any type however want ID proof for non-account holders. ICICI and HDFC have stated they require all clients to fill types, however ID proof wanted just for non-account holders.

Whereas the Punjab Nationwide Financial institution informed Ednbox they do not require any type or ID, its Karol Bagh department in Delhi has put up a poster on the entrance saying an formally legitimate doc is required to trade notes as per the financial institution’s inner round.


A buyer in Delhi informed Ednbox he went to 4 banks – PNB, Central Financial institution of India, Financial institution of Baroda, and Indian Financial institution – they usually refused to trade even one be aware, asking him to deposit the notes.

Ravi Ranjan, Department Supervisor on the Financial institution Of Baroda’s Worli Department in Mumbai, stated they’re asking clients to fill out types with simply primary particulars in order that they’ve a document complete variety of clients and what number of notes they exchanged.

For deposits in financial institution accounts, there’s already a set process and no new guideline was wanted.

Yesterday, to a query on the identical, the RBI Governor stated banks can observe their very own guidelines and there is no process dictated by the RBI. With out particularly clarifying if the RBI required banks to ask for paperwork or requisition slips, he stated banks have their very own present guidelines for foreign money trade and deposits.

On how the federal government would monitor black cash if no IDs have been required to trade or return the Rs 2,000 notes, Mr Das stated: “Now we have requested banks to observe their present process. Now we have not requested them to do something otherwise.”

To a query on whether or not giant money deposits can be scrutinised, Mr Das stated: “RBI by no means scrutinises deposits in banks. The Revenue Tax departments do this. Banks have a reporting system, and they’re going to care for this.”

The Reserve Financial institution of India has stated if a financial institution refuses to trade or settle for the deposit of the notes, the shopper could first strategy the involved financial institution. “If the financial institution doesn’t reply inside a interval of 30 days after lodging of the grievance or if the complainant will not be happy with the response/decision given by the financial institution, the complainant can lodge the grievance beneath the Reserve Financial institution – Built-in Ombudsman Scheme (RB-IOS), 2021 on the Criticism Administration System portal of RBI (,” the central financial institution has stated.

RBI governor Shaktikanta Das had yesterday stated folks shouldn’t panic and rush to return or trade their Rs 2,000 foreign money notes as they’ve 4 months to take action. Even after September 30, the notes would proceed to be authorized, he asserted, assuring folks that the central financial institution will probably be delicate to the folks’s wants.