ahkai
India has announced yesterday that they are withdrawing the 2000 rupees note by 30.09.2023. It is not sure if the note will be legal tender after that. Mostly likely will be not. This might be a good note to buy if you like high value notes. The note of 2000 rupees is a lot of money to many people in India, and I am sure many will be redeeming them for lower denomination of rupees notes.
Obviously the government of India never learned a lesson from the last debacle (in 2016) when they dragged their people through a miserable demonetizing of 2 critical high denominations (500 & 1000 Rupees). This fiasco did not produce the results they claimed it would.
Poor souls died in long line ups waiting to exchange their money. The gov made all sorts of BTCA claims how the high denominations were responsible for a shadow economy, counterfeiting, cats barking & dubious rubbish (out of the BTCA playbook). Oh, & the best part is, “more Indians will have bank accounts” & plus Credit Cards!!!!!
Farmers had no cash, India's GDP tanked, supporters of the debacle exited India and dogs continued to purr but "cast the devil's work, that darn 2000 Rupees banknote out so organized crime will stop!" It's been 7 years since the last disaster (I'm sure everyone forgot).
Chalk up another victory for the BTCA (Visa, Bill Gates) but another loss for the average soul trying to scratch out a living in India.