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No ID proof needed for exchange of old currency notes
Posted on: 16/Nov/2016 5:18:04 PM
The Reserve Bank of India, RBI, has asked not to collect photocopies of identities while exchanging old currency notes. In an official email, RBI said, The guidelines only require customers to present and show valid proof, the photocopies are not required. A senior official of State Bank of India said, The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document.
Some banks have made their own policies. An official from Lakshmi Vilas Bank says, While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again. For non-bank customers we do get photocopies, but we ask them to sign their names with date, purpose and bank branch.
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