Discarding 2000 rupee notes, one way or other!

The Reserve Bank of India (RBI) notified the withdrawal of the 2,000 rupee notes from circulation on May 19, 2023. However, the notes will remain valid and the public can get them exchanged or deposit them at the banks, the Central Bank said.

The move by the RBI aims to absorb the remaining 2,000 rupee notes, which is around 10 per cent of the currency circulation. The notes were around 50 per cent of the notes in the market after they were introduced back in 2016.

Banks have not seen a rush as they saw back in 2016 as the expected volume of notes this time is comparatively lesser and they say they are now ready with procedures in place to exchange and deposit the notes. People, however, have other plans in mind to save a trip to the bank.

How are people getting rid of the notes, if not at banks?

Following the notification, there has been increased circulation of the 2,000 rupee notes as people in panic want to get rid of the notes as soon as possible.

• Food delivery app, Zomato said that 72% of its cash on delivery orders were paid in 2,000 rupee notes. Zomato took to Twitter using the famous Huell Babineaux meme from Breaking Bad.

• Doctors and lawyers too are facing the influx of 2000 rupee notes. Having not seen a single such note in the past few years, some were absolutely not surprised to receive them as payments.

• As expected, time-tested Gold Rush! While some are in a race to buy gold, silver and platinum with an additional 5% premium, on the other hand, the All India Jewellers & Goldsmith Federation found out that a large chunk of jewellers is not accepting the  2,000 rupee notes in gold premium. In Kolkata business is as usual, reported India Today.

• Fuel stations across the country have started to put out banners saying they won't be accepting 2,000 rupee notes. This has left people ordering a 'tanki full' worried. Cash payments at stations saw a considerable increase too. In a massive 'card declined moment,' a pump attendant in Jalaun, UP was seen funnelling out petrol off a scooter after he came to know the customer would pay with a 2,000 rupee note.

• 'Amul, The Taste of India' put out this 'punny' take through their cartoon (just for laughs gags).