Page 2 - 2000 Note Ban News Today

Dedicated counters have been set up at banks, anticipating a rush to swap Rs 2,000 notes for smaller denominations.The Reserve Bank of India said that the process of swapping the Rs 2,000 notes, which will remain legal tender will begin Tuesday, May 23. The process will continue till the end of September.

The Indian central bank's decision to withdraw its highest denomination currency note from circulation is likely to improve banking system liquidity, bringing down

Zomato, the popular food delivery app in India, has revealed that 72 per cent of their cash on delivery orders since Friday have been paid using Rs 2,000 notes. This disclosure is particularly surprising considering the recent announcement by the Reserve Bank of India (RBI) to withdraw the Rs 2,000 denomination from circulation.

RBI recently announced that it is withdrawing Rs 2,000 notes from circulation. And since then, it looks like people have started paying for food orders via Rs 2,000 notes. Zomato revealed the same in a tweet.

The former finance minister also said that withdrawing both the Rs 1000 and Rs 500 currency notes were a grave mistake, one that had not been accepted by the people of the country.

In a recent notice issued by the SBI, the bank has set some guidelines over the exchange of Rs 2000 notes across India, which have been recalled by the RBI.

As there are around 1.55 lakh bank branches in the country, each branch, on an average, will have to handle 11,677 pieces of Rs 2000 notes – or 116 notes per day between May 23 and September 30, 2023.

If the RBI itself will stop exchanging the Rs 2000 note, will it still be legal tender in practical terms from October 1st onwards? Can one still use it for buying goods and services? Can people refuse to accept it?

Rs 2000 Note News: The facility for the exchange of Rs 2,000 banknotes up to the limit of Rs 20,000 at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments, from May 23., Personal Finance News, Times Now

Dr Krishnamurthy Subramanian, who was the chief economic advisor from 2018 to 2021, explains that the governments decision to withdraw Rs 2000 notes is a good move.