The State Bank of India today issued a directive to all its branches putting an end to rumors questioning whether any form or slip will be necessary while exchanging or depositing 2,000 notes, stating that it will be permitted "without obtaining any requisition slip". The rule underlined that up to 2,000 notes totaling 20,000 can be deposited or exchanged at once.

The explanation follows reported false claims made on social media that producing identifying credentials like an Aadhaar card and filling out a form will be required in order to exchange the banned notes. The public can swap a rupee-2,000 note worth up to 20,000 rupees multiple times, but a single transaction can't exceed 20,000 rupees, according to NDTV. After exchanging the money, they explained, a person must stand in line and may return at any time to do the same. After exchanging or depositing the notes once, there are no restrictions on joining the line again.

Key Points

• The State Bank of India today issued a directive to all its branches putting an end to rumors questioning whether any form or slip will be necessary while exchanging or depositing 2,000 notes, stating that it will be permitted "without obtaining any requisition slip".

• After exchanging or depositing the notes once, there are no restrictions on joining the line again.