On 19th May 2023 Reserve Bank of India has announced to withdraw Rs. 2000/- note from the circulation with effect from September 30th 2023 but till then it will be a legal tender.
Immidiately after the news broked out the meme fest on social media started over flooding & at the same time posts about the withdrawing the said currency.
If the two-thousand-rupee note is demonetized, why is there such a fuss about it? During demonetization, you couldn't transact with the currency, but now, until September 30th, you can exchange notes up to twenty thousand rupees, and if you have a higher amount, you can deposit it in the bank. Along with that, you can use the two-thousand-rupee notes in transactions for the next 130 days, so there is no problem.
When demonetization happened, people needed money in their hands urgently, so perhaps the five-hundred and two-thousand-rupee notes were printed and now the process of taking them back has started, so in the future, even the five-hundred-rupee notes might be demonetized, leaving only one-hundred-rupee notes or more to be used in transactions.
In a country where digital payments have gained so much popularity and people are using them extensively, where does the demand for larger notes arise?
Another aspect is the upcoming recession which is approaching the world very fast. India may not be affected & does have the capacity to deal with it powerfully but compared to the stagnant money, having money under government control is more useful at such times.
And the common man doesn't face any problem in accepting these notes. However, those who hoarded it would feel distressed, so it is their understanding of the situation that is causing the uproar.
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