Page 8 - 2000 Notes News Today

India is withdrawing its highest value currency note from circulation, giving consumers and businesses a four-month deadline to exchange or deposit the legal tender, a move reminiscent of a shock demonetization exercise in 2016.

The government on Friday announced that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender.

‘The bitter memories of the note ban still haunt common people, who would never want to face the same nightmare ever. The question remains what did the government achieve through demonetisation,’ writes Urdu Times

The punishing heatwave sweeping through Delhi exacerbated the situation, making it particularly challenging for the elderly, who complained of having to wait for hours. 

Banks may not accept Rs 2,000 notes after the September 30 deadline and people may have to approach the regional offices of the central bank to exchange them, sources have told BQPrime.

However, for practical purposes traders including petrol bunks have stopped accepting the pink notes.

Meanwhile, several people also complained about the fuel stations not accepting the Rs 2,000 notes. -- aaa

Congress MP and former finance minister P Chidambarams remarks came after the RBI announced it will withdraw Rs 2,000 currency notes from circulation.

No form or requisition slip is required for exchange of Rs 2,000 notes up to a limit of Rs 20,000 at a time as part of exercise to withdraw high-value currency notes from circulation. The Reserve Bank of India (RBI) on Friday in a surprise move announced withdrawal of Rs 2,000 currency notes from

RBI has requested banks to provide deposit and exchange facility of Rs 2,000 notes until September 30, 2023.