Previously, while exchanging old Rs.500 and Rs.1000 notes, customers had to provide their Id proof but now the Reserve Bank of India and head offices said banks not to collect photocopies of customers' identities for the exchange of old currency notes.

A few banks are having a dual approach.

"While other banks might ask customers, coming to exchange money for submitting 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," said A Vidyasagar, COO, Lakshmi Vilas Bank. "For non-bank customers, we do get photocopies, but we ask them to sign their names with date, purpose and bank branch," he added.

The gazette notification removing the old high denomination notes from circulation issued on November 8 had said that "people can exchange notes at any bank by submitting a requisition slip and proof of identity."

Also Read: No Transaction Charge on any Bank ATM Until Dec 30: RBI

BY M. DIVYA SRI