There was a definite feeling of déjà vu, when I saw the news online that the Indian Rs2000 banknote is to be withdrawn in a couple of days.
This is the banknote that was hurriedly introduced at the end of 2016, when the government demonetised our Rs500 and Rs1000 notes with just a few hours notice.
So the Rs2000 note hasn’t even lasted 7 years.
I’m currently not in India, so am getting my info online, but as far as I can ascertain, we will be able to exchange Rs20,000 at a time into other denominations (ie just 10 notes).
Or put the money back into our accounts.
I have no inkling if there is a political motive behind this, or if it really is just what the Economic Times tells us:
Anyway, when I’m back in India next week, I shall toddle off to the bank – in the searing heat, might I just add – and deposit whatever Rs2000 notes I have.
I’ll keep you posted if this is a non-event, or an evolving scenario.
Please God it’s a non-event, and nothing like the drama and stress of the 2016 demonetisation.
And if you don’t have a bank account or 20,000 to exchange?? The exchange rate calculator says R20 000 is the equivalent of just under £20, if that’s right it seems an odd note to withdraw. Are there larger denomination coins?
Good point re the bank account…