India's largest denomination note will be withdrawn from circulation by Sept 30. Read more at straitstimes.com.
MUMBAI – Indians are stepping up purchases of daily essentials and even premium branded goods, using the soon-to-be-withdrawn 2,000-rupee notes as they aim to sidestep the need to exchange or deposit them at banks.will be withdrawn from circulationWhile it did not specify the reason for the move, it comes ahead of state and general elections in the country when, analysts say, cash usage typically spikes, often in unaccounted deals.86 per cent of India’s currency in circulation overnight.
Indian shops, for their part, eagerly accepted the note, using it as an opportunity to increase sales, several of them said on Tuesday, the first day the exchange was allowed. “On a daily basis, I get eight to 10 notes now. I accept it. I have no option, it’s my business. I will deposit everything at once before Sept 30. There is no fear since the note is valid.”
“That has increased our watch sales to three to four pieces per day from one to two previously,” said Mr Martis.
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