Withdrawal of the Rupees two thousand currency notes

@allknowing (134970)
India
May 24, 2023 12:06am CST
The Government of India has decided to withdraw the Rs. 2000 currency notes wef 23rd May till September 30. All banks will accept those notes in exchange of other currencies or deposit them in their bank account. This is a nice way to take stock of undeclared cash and who but the rich would have stacked black money with them. It is also possible as usual the 'friends' of the Government will have been told about it much in advance so that all their black money would be perhaps converted to real estate and gold I have never opted for this high currency and so did not have to deposit any. The reason behind this is there was not much demand for this currency. Heavy losses have been incurred while printing them and now going waste. https://commons.wikimedia.org/wiki/File:India_new_2000_INR,_MG_series,_2016,_obverse.jpg Image credit:
8 people like this
6 responses
@LadyDuck (470492)
• Switzerland
24 May 23
When all the European currencies were converted into the EURO currency, many people were embarrassed because they had big amounts of cash not declared in their homes. There are still people who found old European currencies when their parents or grandparents die.
2 people like this
@allknowing (134970)
• India
24 May 23
You must have been given sufficient notice so that those with huge sums could trade it with goods
1 person likes this
@LadyDuck (470492)
• Switzerland
24 May 23
@allknowing I think we had 5 years to convert the old money. Unfortunately some old people had hidden the money and their heirs are now finding money that has no more value.
1 person likes this
24 May 23
That is very awful
1 person likes this
@jstory07 (139308)
• Roseburg, Oregon
24 May 23
What the government is doing is a good idea.
2 people like this
24 May 23
But you may never know, the plan under it
@pitstop (13692)
• Australia
24 May 23
There is no way of catching who has this as it can be exchanged at banks without any ID or forms to fill and can be done multiple times.
2 people like this
@allknowing (134970)
• India
24 May 23
This link explains everything
https://www.businesstoday.in/personal-finance/news/story/how-to-deposit-rs-2000-notes-without-inviting-income-tax-notice-382212-2023-05-22
1 person likes this
@RebeccasFarm (89743)
• Arvada, Colorado
25 May 23
So why are they doing this? I do not like when they change notes.
1 person likes this
@allknowing (134970)
• India
25 May 23
May be they are not being used much
1 person likes this
• Arvada, Colorado
25 May 23
@allknowing I will use them
1 person likes this
@banksim (5256)
26 May 23
Government has given sufficient time to change the notes
1 person likes this
@leighnyork (1880)
24 May 23
Changes are really taking place indeed
1 person likes this