How well do you know the exchange process for Rs 2000 notes in India?
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Questions and Answers

What is the exchange limit for Rs 2,000 notes set by the RBI?

  • Rs 20,000 (correct)
  • Rs 50,000
  • Rs 10,000
  • Rs 1,00,000

    • Which bank was the first to announce that no form or slip was required while exchanging or depositing Rs 2,000 notes?

  • ICICI Bank
  • State Bank of India (correct)
  • Axis Bank
  • Kotak Mahindra Bank

    • What kind of identity proof is demanded by some banks for exchanging Rs 2,000 notes?

  • Passport
  • PAN Card (correct)
  • All of the above
  • Driving License

    • Are banks required to follow the guidelines set by the RBI for exchanging Rs 2,000 notes?

    <p>No, banks can follow their own rules</p> Signup and view all the answers

    What was the reason behind the confusion over exchanging Rs 2,000 notes?

    <p>Different banks had different guidelines</p> Signup and view all the answers

    Is there a requirement of filling up a requisition form for exchanging Rs 2,000 notes?

    <p>Only for Kotak Mahindra Bank and ICICI Bank</p> Signup and view all the answers

    What is the confusion over the exchange limit for Rs 2,000 notes?

    <p>Whether it is a daily limit or a one-time limit</p> Signup and view all the answers

    Which financial institutions are not asking for any ID proof for exchanging Rs 2,000 notes?

    <p>Yes Bank and Standard Chartered</p> Signup and view all the answers

    What should customers carry while going to banks to exchange Rs 2,000 notes?

    <p>ID proof</p> Signup and view all the answers

    What is the exchange limit for Rs 2,000 notes set by the RBI?

    <p>Rs 20,000</p> Signup and view all the answers

    Which bank was the first to announce that no form or slip was required while exchanging or depositing Rs 2,000 notes?

    <p>State Bank of India</p> Signup and view all the answers

    What kind of identity proof is demanded by some banks for exchanging Rs 2,000 notes?

    <p>PAN Card</p> Signup and view all the answers

    Are banks required to follow the guidelines set by the RBI for exchanging Rs 2,000 notes?

    <p>No, banks can follow their own rules</p> Signup and view all the answers

    What was the reason behind the confusion over exchanging Rs 2,000 notes?

    <p>Different banks had different guidelines</p> Signup and view all the answers

    Is there a requirement of filling up a requisition form for exchanging Rs 2,000 notes?

    <p>Only for Kotak Mahindra Bank and ICICI Bank</p> Signup and view all the answers

    What is the confusion over the exchange limit for Rs 2,000 notes?

    <p>Whether it is a daily limit or a one-time limit</p> Signup and view all the answers

    Which financial institutions are not asking for any ID proof for exchanging Rs 2,000 notes?

    <p>Yes Bank and Standard Chartered</p> Signup and view all the answers

    What should customers carry while going to banks to exchange Rs 2,000 notes?

    <p>ID proof</p> Signup and view all the answers

    What caused confusion over the exchange process for Rs 2000 notes in India?

    <p>The inconsistency in the guidelines between different banks</p> Signup and view all the answers

    What is the exchange limit specified by the RBI for Rs 2000 notes?

    <p>Rs 20,000 at a time</p> Signup and view all the answers

    What is the confusion over the exchange limit for Rs 2000 notes?

    <p>Whether it is a daily limit or a one-time limit</p> Signup and view all the answers

    What did the RBI mention about the requirement of forms or ID proof for exchanging Rs 2000 notes?

    <p>No specific requirement was mentioned by the central bank</p> Signup and view all the answers

    Which bank was the first to come out with a statement that no form or slip would be required while exchanging or depositing Rs 2000 notes?

    <p>State Bank of India</p> Signup and view all the answers

    Which banks are reportedly not asking for any ID from people who came to exchange notes?

    <p>Yes Bank and Standard Chartered</p> Signup and view all the answers

    What did RBI Governor Shaktikanta Das clarify about the exchange process for Rs 2000 notes?

    <p>Banks can follow their own rules</p> Signup and view all the answers

    What is the procedure for depositing Rs 2000 notes in banks?

    <p>It is uniform across all banks in the country</p> Signup and view all the answers

    What should customers ideally carry while going to banks to get Rs 2000 notes exchanged?

    <p>ID proof in case it is needed</p> Signup and view all the answers

    Study Notes

    Confusion over exchange process for Rs 2000 notes in India

    • The Reserve Bank of India (RBI) withdrew Rs 2,000 notes from circulation last week, creating confusion over the exchange process.
    • On the first day of the country-wide exchange/deposit drive, most banks set up different guidelines, leaving individuals puzzled.
    • The RBI did not mention the requirement of any forms or ID proof for exchanging Rs 2,000 notes up to Rs 20,000 at a time.
    • However, some banks demanded identity proof like PAN, Aadhaar and asked people to fill up requisition forms, which was not specifically mentioned by the central bank.
    • The State Bank of India was the first to come out with a statement that no form or slip would be required while exchanging or depositing Rs 2,000 notes.
    • Most major banks have different guidelines for the exchange process, with Kotak Mahindra Bank and ICICI Bank asking non-account holders to fill out a requisition form and furnish identity proof.
    • Other financial institutions like Axis Bank, Bank of India, Yes Bank, and Standard Chartered are reportedly not asking for any ID from people who came to exchange notes.
    • The exchange limit specified by the RBI is Rs 20,000 (ten Rs 2,000 notes) at a time, but there is confusion over whether this is a daily limit or a one-time limit.
    • The inconsistency in the guidelines between different banks has made the process of exchanging notes far more complicated than what the RBI had envisioned.
    • This problem was specific to getting notes exchanged as the procedure for deposit is pretty much defined and uniform across all banks in the country.
    • Customers who are going to banks to get Rs 2,000 notes exchanged should ideally carry their ID proof in case it is needed and be ready to fill out a requisition form.
    • RBI Governor Shaktikanta Das clarified that banks can follow their own rules, adding that no set guidelines have been issued by the central bank.

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    Description

    Test your knowledge on the confusion surrounding the exchange process for Rs 2000 notes in India with this quiz. From the withdrawal of the notes to the different guidelines set up by banks, this quiz will help you understand the intricacies of the exchange process. Challenge yourself on the daily and one-time exchange limits, the requirement for forms and ID proof, and the inconsistencies between different banks. Test your understanding of the issue and be better informed about the process of exchanging notes in India.

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