Page 4 - Rs 2000 Note News Today

Experts say the primary determinants are inflation and the velocity of money, which is necessarily the rate at which currency is exchanged.

The withdrawal of Rs 2000 notes is creating panic. Some are rushing to buy luxury watches and gold; others are donating to temples and spending on mangoes and food delivery

The gold market in India is seeing a spurt in sales and it can thank the RBI for it. The central bank’s decision to withdraw the Rs 2000 note from circulation by 30 September has prompted people to buy more gold – with most stores reporting a 20 per cent rise in purchases

Rs 2,000 notes can be exchanged at banks starting today. What effect will it have on gold prices today? Q4 earnings of Ashok Leyland, JSW Energy, Biocon, Bikaji Foods International, Bajaj Electricals, Metro Brands, Fortis Healthcare and Kirloskar Industries will be in focus on 23rd May. Also know about petrol, diesel price today, PM Modi’s Australia diaspora address, Motorola Edge 40 launch and more in this Business Today Visual Story.

The withdrawal decision questions RBI’s policy on currency management once again. This is the third decision to withdraw currency notes of specific denominations in less than 10 years

While the process of exchanging or depositing Rs 2,000 currency notes has begun on Tuesday, RBI sources said the exchange facility is available only at banks

The RBI said that for depositing Rs 2,000 notes, customers can go to their bank and submit the money in their own accounts. There is no deposit limit but general KYC and other existing statutory norms for cash deposit will apply.

Indians are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee notes as they aim to sidestep the need to exchange or deposit them at banks.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 increase in the demand of precious metals picked up as most of the medium and small shopkeepers have stopped accepting the Rs 2,000 note since RBI's surprise announcement on Friday.

While some establishments are accepting the notes without any fuss, others are citing a lack of change or are accepting them on the condition that the bill should be Rs 2,000 or close to it.