Editor's Pick: Confusion, chaos as public look to exchange, deposit Rs 2,000 notes on day one

The inaugural day of the four-month-long window to exchange or deposit Rs 2,000 currency notes witnessed small queues but confusion over the requirement of identification documents and requisition slips. The Reserve Bank of India (RBI) has not made the presentation of a valid identification document mandatory to avail of the facility; however, there were complaints from some places that banks were asking customers to submit the same. Banks, anticipating a rush of customers, had drawn up plans, including operating an additional cash counter if required. Moreover, the central regulator had asked that customers be provided with appropriate infrastructure at the branch such as shaded waiting space, drinking water facilities etc considering the summer season. In Delhi, people turned up notwithstanding the unsupportive heat which scaled 43 degree Celsius on Tuesday. There was chaos and confusion about the process of exchange which left people, especially the elderly, disgruntled. Customers told The Hindu that they could not get all their notes exchanged because the banks suggested otherwise. Chandra Sekhar Sharma, Chief General Manager for the Bhubaneshwar circle at the State Bank of India (SBI), said the bank had seen estimated deposits of Rs 2,000 notes to the tune of Rs 50 crore daily (in the last two days) at various branches and automated deposit-cum-withdrawal machines (ADVM). The process was however smoothly managed in Kerala which did not experience any unusual rush. On May 19, RBI announced that it would withdraw Rs 2,000 notes from circulation in pursuance of its ‘Clean Note Policy’. It advised the public to deposit or exchange the denominations by September 30. Commenting on the development then, Congress leader P. Chidambaram said, “The Rs 2,000 note was a band-aid to cover up the foolish decision of demonetising Rs 500 and Rs 1000 notes which were popular and widely exchanged currencies.” Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. Click here. The Hindu’s Editorials Governing after winning: On the road ahead for the Congress government in Karnataka An unclean chit: On the SEBI investigation and Hindenburg Research’s allegations The Hindu’s Daily News Quiz The G-8 was an intergovernmental political forum until 2014. It later became G-7 after expelling a country. Which was the country that got expelled? Russia Australia New Zealand India To know the answer and to play the full quiz, click here. [logo] Editor's Pick 24 May 2023 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( Confusion, chaos as public look to exchange, deposit Rs 2,000 notes on day one The [inaugural day of the four-month-long window to exchange or deposit Rs 2,000 currency notes]( witnessed small queues but confusion over the requirement of identification documents and requisition slips. The Reserve Bank of India (RBI) has not made the presentation of a valid identification document mandatory to avail of the facility; however, there were complaints from some places that banks were asking customers to submit the same. Banks, anticipating a rush of customers, had drawn up plans, including operating an additional cash counter if required. Moreover, the central regulator had asked that customers be provided with appropriate infrastructure at the branch such as shaded waiting space, drinking water facilities etc considering the summer season. In Delhi, people turned up notwithstanding the unsupportive heat which scaled 43 degree Celsius on Tuesday. There was chaos and confusion about the process of exchange which left people, especially the elderly, disgruntled. Customers told The Hindu that they could not get all their notes exchanged because the banks suggested otherwise. Chandra Sekhar Sharma, Chief General Manager for the Bhubaneshwar circle at the State Bank of India (SBI), said the bank had seen estimated deposits of Rs 2,000 notes to the tune of Rs 50 crore daily (in the last two days) at various branches and automated deposit-cum-withdrawal machines (ADVM). The process was however smoothly managed in Kerala which did not experience any unusual rush. On May 19, RBI announced that it would withdraw Rs 2,000 notes from circulation in pursuance of its ‘Clean Note Policy’. It advised the public to deposit or exchange the denominations by September 30. Commenting on the development then, Congress leader P. Chidambaram said, “The Rs 2,000 note was a band-aid to cover up the foolish decision of demonetising Rs 500 and Rs 1000 notes which were popular and widely exchanged currencies.” Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. [Click here](. The Hindu’s Editorials [Arrow][Governing after winning: On the road ahead for the Congress government in Karnataka]( [Arrow][An unclean chit: On the SEBI investigation and Hindenburg Research’s allegations]( [Â]( The Hindu’s Daily News Quiz The G-8 was an intergovernmental political forum until 2014. It later became G-7 after expelling a country. Which was the country that got expelled? - Russia - Australia - New Zealand - India To know the answer and to play the full quiz, [click here](. 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