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MUMBAI - Indians are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee (S$32.51) notes as they aim to sidestep the need to exchange or deposit them at banks. The Indian central bank announced on Friday (May 19) the country's largest denomination note will be withdrawn from circulation by the end of September. While...
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
Since the weekend, people have thronged outlets to spend using the 2000-rupee note to avoid the hassle of queuing up at banks to exchange them or invite scrutiny from the tax department by depositing large sums.
The Indian central bank has announced that the country’s largest denomination note will be withdrawn from circulation by the end of September.
Indians are stepping up purchases of daily essentials, and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee notes as they aim to sidestep the need to exchange or deposit... | May 23, 2023