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India to Withdraw 2,000-Rupee Notes from Circulation

By NDP newsroom

India's central bank announced plans to withdraw the 2,000-rupee notes from circulation, which will remain legal tender until September 30. The decision aims to address the limited use of these high-value notes and to encourage people to deposit or exchange them for smaller denominations. While the government assured that there would be no major disruptions, the move comes ahead of elections in multiple states and the national election in 2024.

The 2,000-rupee note was introduced in 2016 after the demonetization of 500 and 1,000-rupee notes, but it has not been widely used for transactions. Economists view this as a form of "sensible demonetization" that could lead to increased bank deposits and ease liquidity pressures. With credit growth soaring, the withdrawal is expected to help banks attract more deposits and manage short-term interest rates.

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