NDTV News:
India is withdrawing its highest value currency note from circulation, giving consumers and businesses a four-month deadline to exchange or deposit the legal tender, a move reminiscent of a shock demonetization exercise in 2016.
Announcing the move late Friday, the Reserve Bank of India said the 2,000 rupee ($24) notes had reached the end of their estimated life span. While these banknotes account for only about a tenth of the total currency in circulation, the RBI decision triggered confusion and memes on social media while local newspapers reported a rush to jewelery shops to exchange the notes for gold.
However, the extent of the recent action is a far cry from 2016, where 86% of the country’s currency was invalidated overnight, leading panicked citizens to line up at banks and ATM machines across the country. There were reports of dozens of people who collapsed or even died as they waited in queues for hours at a stretch.
