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“It was a transitory kind of note to fill in the value which was lost in demonetisation," said Sudhakar Kaza, former managing director of Bharatiya Reserve Bank Note Mudran Private Ltd, the division of RBI which prints banknotes.
Currency with the public is arrived at after deducting cash with banks from total currency in circulation. Currency in circulation refers to cash or currency within a country that is physically used to conduct transactions.
Most private banks asked non-account holders to provide proofs. SBI had clarified in an official note to its branches that no form or slip would be required while exchanging or depositing Rs 2,000 notes.
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