Stay updated with breaking news from 2000 Rupee Note. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
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
In the big cities of UP like Lucknow, Kanpur and Bareilly the public sector banks had deployed additional workforce at the cash counters.
The Rs 2000 note will remain legal tender but citizens have been asked to deposit or exchange these notes by 30 September. Analysts say this time the move is expected to be less disruptive as a lower value of notes is being withdrawn over a longer period of time
The RBI data indicates a decline in the total value of Rs 2000 notes in circulation, amounting to 10.8 percent of the total as of March 31, 2023, which is approximately Rs 3.62 lakh crore, it is likely that this amount will be deposited in banks by September 30, 2023.
Some of the customers have been paying in Rs 2,000 notes while buying fuel worth only Rs 100 for their two-wheelers.