India's 2000-rupee note sparks offloading frenzy.

1 min read
Source: Reuters India
India's 2000-rupee note sparks offloading frenzy.
Photo: Reuters India
TL;DR Summary

Indians are using the soon-to-be-withdrawn 2,000-rupee notes to purchase daily essentials and even premium branded goods, in an attempt to avoid the need to exchange or deposit them at banks. The Indian central bank announced on Friday that the country's largest denomination note will be withdrawn from circulation by the end of September. The move comes ahead of state and general elections in the country when cash usage typically spikes. The currency exchange is expected to be far less disruptive than a 2016 move to demonetise 86% of the country's currency in circulation overnight.

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