DelhiDesk Banks in India will not demand proof of identity when exchanging ₹2,000 banknotes, and there will be no limit on the number of times an individual can do so in a day, according to an official. The Reserve Bank of India mandated the exchange last week, and the official said no form or slip was required for the one-time exchange of up to ₹20,000 ($294). However, banks will still require compliance with existing know-your-customer norms for deposits, according to RBI guidance. The notes were withdrawn from circulation in March 2018, but remain legal tender until the end of September.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 Banks will not demand identity proof for exchange of 2000 bank notes.
👉 There is no limit on the number of times one can exchange notes in a day.
👉 Exchange facility will start from Tuesday as mandated by RBI.
👉 No form or slip is required for exchange up to 20,000.
👉 KYC norms are required for bank deposits without a ceiling.
👉 PAN or Aadhaar requirements for exchange/deposit not clear yet.
👉 2000 denomination notes account for only 10.8% of notes in circulation.
👉 Notes remain legal tender and can be exchanged till end of September.
👉 Decision to phase out notes criticized by political parties.
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