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
@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