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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.