Kumari Palany & Co

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PAN Card mandatory in all Cooperative banks (for exchange of Rs. 2000- currency notes!

Posted on: 23/May/2023 10:41:58 AM
It has been mandatory to present PAN Card details while exchanging the Rs. 2000/- currency notes in all State Cooperative Banks.

The Reserve Bank of India announced that it is withdrawing all currency notes of the denomination Rs. 2000/- on the 19th of May.  Time has been given for the public to deposit or exchange all the currency notes of Rs. 2000/- with them in all banks until the 30th of September.

While it was announced in 2016 that Rs. 500/- and Rs. 1000/- currency notes would be invalid, there were large maloperations in the cooperative banks. There were news reports that this time also, there are prospects for large-scale maloperations in the cooperative banks.

Subsequently, the Department of Cooperatives has emphasized the Managing Directors of all cooperative banks to ask for get the individual PAN Card (Permanent Account Number Card) given by the Department of Income Tax) from the citizens who come to their banks for deposit or exchange of the currency notes of denomination Rs. 2000/-!

In this regard, a senior official of the Department of Cooperatives shared:

"The currency notes of denomination Rs. 2000/- can be exchanged in all the State Chief Cooperative Bank, its 47 branches, 231 District Central Cooperative Banks and their branches, and 128 Urban Cooperative Banks.

The Managers of these cooperative banks have been advised that for the citizens who come to these banks for deposit or exchange of Rs. 2000/- currency notes, copies of PAN Card MUST be obtained or details of Aadhar card, Voter Identity Card, Drivers` License or 100 Days Job Plan Identity Card MUST be obtained.

It is further emphasized that these cooperative banks MUST Strictly ADHERE TO THE GUIDELINES GIVEN BY THE RESERVE BANK OF INDIA IN THIS REGARD!"