Provide shade and water to the customers exchanging or depositing Rs 2000 notes: RBI

Pursuant to Friday’s announcement of withdrawing Rs 2,000 notes, RBI reiterated that Rs.2000 notes continue to be legal tender unlike demonetization exercise.

In view of the allegations of customers were dying while waiting in queues to exchange bank notes during the 2016 note ban, the Reserve Bank on Monday advised banks to provide shade from the sun and water to customers waiting to exchange or deposit Rs 2,000 notes.

About customer’s concerns over facing inconvenience, especially given the summer being at the peak, RBI Governor said “There is no reason for people to rush to banks for exchange of Rs 2,000 notes” even as the RBI has announced September 30 as the last date for people to exchange or deposit them in their bank accounts. About the September 30 deadline, Das said, “Leaving the deadline open-ended will make the exchange of notes an endless process.”

Further, Governor Shaktikanta Das on Monday said that the purpose of printing Rs 2,000 notes has been fulfilled. “Rs 2,000 notes were primarily introduced to quickly replenish earlier Rs 500 and Rs 1,000 notes,” he said. With that purpose fulfilled and there are now enough notes of other denominations, the decision was taken to withdraw these notes. The RBI governor reiterated that this is not demonetisation and that Rs 2,000 notes will remain legal tender.

It is reported that 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.