CAIT seeks common SOP for banks from RBI for depositing, exchanging Rs 2000 notes

The Confederation of All India Traders (CAIT) on Friday said the Reserve Bank of India must set up a standard operating procedure (SOP) for banks for deposit and exchange of Rs 2000 notes.

The RBI recently announced withdrawal of Rs 2000 notes from circulation and asked people to deposit it in banks or get it exchanged by September 30. "Every bank has its own way to exchange or deposit Rs 2000 bills, which is causing hardship to housewives and traders. The RBI must have a common SOP for all banks,” CAIT president BC Bhartia told reporters here.

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"Permanent Account Number (PAN) and Aadhar Card details were being sought from people depositing and exchanging Rs 2000 notes. People fear they would face action after they divulge such details," he added. He also claimed withdrawal and banning certain denominations in this manner in a short span hits the credibility of the country internationally.