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Not again! say Mumbai citizens after RBI withdraws Rs 2,000 notes
Updated On: 21 May, 2023 07:27 AM IST | Mumbai | A Correspondent
Experts insist RBI’s decision will not cause as much inconvenience as demonetisation did in 2016 and won’t have any “perceptible effect” on the economy
Representation pic
Even though the Reserve Bank of India (RBI) has made it clear that Rs 2,000 notes will still be accepted as legal tender and that existing Rs 2,000 notes can still be deposited or exchanged in banks till September 30, the restriction of Rs 20,000 at a time has left citizens comparing the situation with the demonetisation of 2016.
On Friday, the RBI, in a circular, announced the withdrawal of its highest denomination currency note and advised the people to deposit Rs 2,000 notes in their accounts or exchange them in banks, while also instructing banks to stop issuing the notes immediately. The long queues outside banks and the scramble to deposit demonetised currency in 2016 continue to haunt citizens even today and hence, the RBI’s decision has elicited varying reactions from citizens.
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