As there will be a rush to exchange ₹2,000 notes for smaller denominations on Tuesday, banks will have dedicated counters, people to manage queues and ample supply of lower denomination notes, officials said on Monday.
India’s central bank said on Friday that the process of replacing the ₹2,000 notes, which will remain legal tender, will begin from Tuesday and continue till the end of September.
High-value notes can be exchanged without a requisition form or proof of identity, the central bank said. However, some bank officials said they will allow deposits or exchange of ₹2,000 notes only if the person proves their identity.
Banks have warned people not to try to deposit or exchange fake ₹2,000 notes
In many states, banks have sought the help of local police to regulate queues in the event of a major rush, officials said. Banks have warned people not to try to deposit or exchange fake ₹2,000 notes, saying that a police case will be registered against such people.
In Uttar Pradesh, 12,000 bank branches have decided to set up separate counters to deposit or exchange ₹2,000 notes, said Anil Tiwari, spokesperson of the United Forum of Bank Unions. Banks do not expect much rush as only 10% of ₹2,000 notes are in circulation, he said.
Account holders whose KYC has been done can deposit any number of ₹2,000 notes in their accounts and only ₹10,000 notes will be allowed in Jan Dhan accounts, Tiwari said.
“We would request the general public to ensure that they do not have any fake currency notes as an FIR will be lodged against them for trying to store fake currency notes,” he said. “Banks have taken complete measures to check fake notes.”
On Monday, ₹2,000 notes worth about ₹90 crore were deposited in banks and ATMs in Lucknow.
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