India Scraps 2000-Rupee Note, Leaving Citizens to Decide What to Do with Their Currency

India's central bank has announced the withdrawal of its highest denomination currency note, the 2000-rupee note, from circulation. The move is expected to be less disruptive than the 2016 demonetisation as a lower value of notes is being withdrawn over a longer period of time. The value of 2000-rupee notes in circulation is 3.62 trillion Indian rupees ($44.27 billion), about 10.8% of the currency in circulation. The withdrawal will ease pressure on deposit rate hikes and improve banking system liquidity. Small businesses and cash-oriented sectors such as agriculture and construction could see inconvenience in the near term.