Monday, October 2, 2023

Singhbhum Chamber Criticizes Requirement of ID Documents for Exchanging INR 2000 Notes

The Singhbhum Chamber of Commerce and Industry has criticized the requirement by some banks for forms and identity documents to exchange INR 2000 notes.

JAMSHEDPUR – The Singhbhum Chamber of Commerce and Industry has voiced its disapproval towards the requirement by some banks for the completion of forms and submission of identification documents in order to exchange INR 2000 notes.

The Chamber, which held a meeting with representatives from nationalized and private banks concerning difficulties in depositing or exchanging the 2000 rupee notes, raised concerns about the process being unnecessarily cumbersome for businesses.

The meeting, presided over by Chairman Vijay Anand Moonka, included representatives from HDFC, a private sector bank, who justified the process as a measure to ensure a smooth currency exchange procedure for both the bank and the customer.

However, in light of the Chamber’s objections, they pledged to bring the issue to the attention of their head office.

Meanwhile, public sector banks, as explained by LDM Santosh Kumar, have admitted to initially demanding ID proofs and requiring a form to be filled.

This practice, however, is no longer in effect.

The Reserve Bank has set a deadline of September 30 for the exchange or deposit of INR 2000 notes.

The meeting commenced with an introduction of the topic by CA Dilip Golechha, while Secretary Piyush Chowdhary conducted the stage.


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