Mangoes To Luxury Watches: How People Are Offloading The Rs 2,000 Note
NDTV
The central bank announced on Friday that the country's largest denomination note will be withdrawn from circulation by the end of September.
People are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee notes as they aim to sidestep the need to exchange or deposit them at banks.
The central bank announced on Friday that the country's largest denomination note will be withdrawn from circulation by the end of September. While it did not specify the reason for the move, it comes ahead of state and general elections in the country when, analysts said, cash usage typically spikes, often in unaccounted deals.
The currency exchange is expected to be far less disruptive than a 2016 move to demonetise 86% of the country's currency in circulation overnight.
Since the weekend, people have thronged outlets to spend using the 2000-rupee note to avoid the hassle of queuing up at banks to exchange them or invite scrutiny from the tax department by depositing large sums.
