MUMBAI - India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday (May 19), in a move that economists said could boost bank deposits at a time of high credit growth. The withdrawal of 2,000-rupee (S$32.43) notes - which the finance ministry's top official, T.V Somanathan, said would not cause disruption 'either in...
A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, on Nov 15, 2016.MUMBAI - India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday , in a move that economists said could boost bank deposits at a time of high credit growth.
Announcing the withdrawal, the Reserve Bank of India said evidence showed the denomination was not being commonly used for transactions. The 2,000 rupee note was introduced in 2016 after the Narendra Modi-led government abruptly withdrew 500 and 1000 rupee denominations in an effort to remove forgeries from circulation.
Pronab Sen, economist and former chief statistician of India, called the withdrawal of the higher-value note "a sensible form of demonetisation."
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