₹2,000 notes withdrawn: Zomato's funny tweet goes viral
After the Reserve Bank announced the withdrawal of ₹2,000 notes, Zomato shared a funny tweet which said that 72% of the 'cash on delivery' orders were paid in ₹2,000
In India everyone these days is bracing for a second currency note exchange programme after RBI decided to pull ₹2,000 notes out of circulation. The ₹2,000 note exchange, which begins on Tuesday (22 March), has spurred some gold-buying, as people look to replace the big note as a store of value.
On Monday RBI Governor Shaktikanta Das said most of the ₹2,000 notes are expected to be returned by the 30 September deadline. It advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.
₹2,000 currency notes continue to be legal tender he added.
Unlike the demonetisation of ₹500 and ₹1,000 notes in 2016, the people holding ₹2,000 notes are fewer as the RBI stopped printing them in 2018-19.
The ₹2000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.
The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as of March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023.
Corrigendum: An earlier version of the story said the tweet shared by Zomato was a fact, which is untrue. The error is regretted.
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