May 23, 2023
By: Rahul VermaThe Reserve Bank of India (RBI) on Friday announced the withdrawal of ₹2,000-denomination banknotes from circulation. However, the existing notes will continue to be accepted as legal tender.
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After the announcement of the withdrawal of the ₹2,000 note, individuals have exhibited diverse reactions. While some hoarders attempted to purchase gold at inflated prices, others focused on targeting foreign exchange and making charitable donations.
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Zomato, the leading food delivery platform, revealed on Monday that 72 percent of customers who chose cash on delivery (COD) for their orders since Friday used ₹2,000 notes for payment.
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According to NDTV, RBI’s decision to withdraw ₹2,000 notes has resulted in a slight increase in jewellery sales. However, this recent surge cannot be compared to the rush witnessed in 2016 when ₹500 and ₹1,000 notes were discontinued.
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On Monday, the price of gold rose by ₹485 per 10 grams to touch ₹60,760. On Friday, the price of gold was at ₹60,275.
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Delhi fuel stations have reported a significant increase in the number of ₹2,000 notes received within a 24-hour period, India Today reported.
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Kotak Institutional Equities projects a substantial surge of ₹1.5-2 lakh crore in deposits. It also expects consumption to see a boost especially in luxury items like gold, jewellery, high-end consumer durables, and real estate.
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Between May 23 and September 30, individuals can exchange ₹2,000 banknotes at any bank for other denominations up to a limit of ₹20,000. This measure aims to facilitate the exchange process and minimise inconvenience for the public.
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RBI has said that there will be no exchange fee for depositing or exchanging ₹2,000 notes. Individuals will be able to carry out these transactions without incurring any additional charges.
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