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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.
Dr Krishnamurthy Subramanian, who was the chief economic advisor from 2018 to 2021, explains that the government's decision to withdraw Rs 2000 notes is a good move.
The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.
The Reserve Bank of India (RBI) has announced its decision to withdraw the Rs 2000 denomination banknotes from circulation as part of its 'Clean Note Policy'.
Opposition leaders on Friday hit out at the government after the Reserve Bank of India (RBI) announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.