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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.