The notes will remain legal tender but people will be asked to deposit and exchange them for smaller denominations. Read more at straitstimes.com.
MUMBAI - India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth.
Announcing the withdrawal, the Reserve Bank of India said evidence showed the denomination was not being commonly used for transactions. The government began issuing new 500 rupee notes days later, and added the 2,000 to replenish currency in circulation at a faster pace.
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