The 2,000 bank notes were intended to largely replenish the notes withdrawn during demonetisation, and the governor stated that the aim has been met.
Digital Desk: According to Zomato, the leading
Indian food delivery service, 72% of their Cash on Delivery (CoD) orders since
Friday had been paid in 2000 denomination notes.
The Reserve Bank of India (RBI) stated on
Friday that it would withdraw 2000 denominations from circulation and set a
September 30 deadline for depositing and/or exchanging their 2000 banknotes.
People
have been rushing to swap and dispose of their 2,000 currency notes since the
announcement. People have flocked to petrol stations and jewellery stores in an
attempt to get rid of these high-value notes.
Meanwhile, RBI Governor Shaktikanta Das stated on Monday that
there is no urgency to exchange 2,000 because the deadline is still four months
away and the central bank will be sensitive to any concerns that arise
throughout the process, if any.
The
decision to withdraw the denomination from circulation is part of the Reserve
Bank's currency management operations and is consistent with the clean note
policy. The 2,000 bank notes were intended to largely replenish the notes
withdrawn during demonetisation, and the governor stated that the aim has been
met.
Tomorrow,
the process of exchanging or depositing cash notes will begin. The State Bank
of India stated that no ID proof or requisition papers will be required for the
exchange of 2,000 notes, with a maximum of ten currency notes (20,000)
exchanged at one time.
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