The Reserve Bank of India (RBI) on Friday announced to withdraw ₹2000 denominations from circulation.
Leading Indian food delivery app Zomato on Monday said that 72% of their Cash on Delivery (CoD) orders since Friday were paid in ₹2000 currency notes.
The Reserve Bank of India (RBI) on Friday announced to withdraw ₹2000 denominations from circulation and set the deadline to deposit and/or exchange their ₹2000 banknotes on or before September 30.
since friday, 72% of our cash on delivery orders were paid in ₹2000 notes pic.twitter.com/jO6a4F2iI7
— zomato (@zomato) May 22, 2023
Since the announcement, the people are in rush to exchange and dispose of their ₹2,000 currency notes as soon as possible. People have thronged fuel stations, jewellery stores as they seek to rid themselves of these high-value notes.
Meanwhile, RBI Governor Shaktikanta Das on Monday said there is no need to rush to the banks to exchange ₹2,000 as the deadline is still four months away and the central bank will be sensitive to all issues cropping up in the process, if any.
The decision to withdraw the denomination from circulation is part of the currency management operations of the Reserve Bank and is in tune with the clean note policy. The ₹2,000 bank notes were introduced to primarily replenish the notes withdrawn following demonetisation and the purpose has been fulfilled, the governor added.
The process of exchanging or depositing the currency notes will commence tomorrow. The State Bank of India said no ID proof, requisition slips will be required for the exchange of ₹2,000 notes, while a maximum of 10 currency notes ( ₹20,000) can be exchanged at a time.
Disclaimer: This Article is auto-generated from the HT news service
