Unlike 2016 demonetisation, no panic among public after withdrawal of ₹2,000 notes, shows survey
The Indians have stepped up their purchases to sidestep the need to exchange ₹2,000 notes at the banks but there is no panic among the public, shows a survey
A survey has shown that there is no panic or fear among the public after the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 currency notes. The public has been granted time until September 30 by the central bank to exchange their ₹2,000 notes for banknotes of different denominations at any bank branch. While this announcement proved to be less disruptive than the 2016 demonetisation announcement to demonetise 86 per cent of the country's currency in circulation overnight, the Indians have stepped up their purchases to sidestep the need to exchange ₹2,000 notes at the banks.