3 ms·

2000 rupee notes stopped being released by banks over a year ago so these stories are really hard to believe.

kshacker 3y ago
Fed stopped printing money a couple of years back but they are still unable to swoop it back after what is it 18 months of working on it? Sometimes when you overprovision it takes a lot of effort to reverse it.
- unmole 3y ago
  I'm sorry, do you believe the Fed actually printed excess currency notes? If not, I don't understand why you think your analogy makes any sense in this case.
sateesh 3y ago
That doesn't mean there weren't any 2000 rupee notes in circulation. https://www.deccanherald.com/city/top-bengaluru-stories/big-notes-at-bluru-petrol-pumps-fuel-quarrels-and-panic-1221186.html https://www.deccanherald.com/city/top-bengaluru-stories/big-...
throwaway384629 3y ago
How does it matter if they stopped releasing these notes a year ago? Do the notes that they released earlier disappear from pockets of public? On March 31, 2023 the total value of these banknotes in circulation was Rs 3.62 lakh crore constituting 10.8% of all the currency notes in circulation. [1] [1] https://economictimes.indiatimes.com/news/economy/policy/rs-2000-notes-to-be-withdrawn-from-circulation-to-continue-as-legal-tender/articleshow/100360379.cms https://economictimes.indiatimes.com/news/economy/policy/rs-...
- unmole 3y ago
  > was Rs 3.62 lakh crore constituting 10.8% of all the currency notes in circulation Is the point. Demonetization made ~80% of the currency in circulation no longer legal tender overnight. This phasing out is in no way comparable. Which makes the idea that people will have to queue up at banks unbelievable.
- SanjayMehta 3y ago
  So deposit your 2000/- notes hoard in a bank, withdraw as many 500/- notes as you need. There's no limit to deposits, only on exchanging cash anonymously.
  - throwaway384629 3y ago
    "Guess now it's again time to line up in banks." Thats what I mentioned in the top comment to which are you are replying.

Fed stopped printing money a couple of years back but they are still unable to swoop it back after what is it 18 months of working on it? Sometimes when you overprovision it takes a lot of effort to reverse it.

unmole 3y ago
I'm sorry, do you believe the Fed actually printed excess currency notes? If not, I don't understand why you think your analogy makes any sense in this case.

sateesh 3y ago

That doesn't mean there weren't any 2000 rupee notes in circulation. https://www.deccanherald.com/city/top-bengaluru-stories/big-notes-at-bluru-petrol-pumps-fuel-quarrels-and-panic-1221186.html https://www.deccanherald.com/city/top-bengaluru-stories/big-...

throwaway384629 3y ago

How does it matter if they stopped releasing these notes a year ago? Do the notes that they released earlier disappear from pockets of public? On March 31, 2023 the total value of these banknotes in circulation was Rs 3.62 lakh crore constituting 10.8% of all the currency notes in circulation. [1] [1] https://economictimes.indiatimes.com/news/economy/policy/rs-2000-notes-to-be-withdrawn-from-circulation-to-continue-as-legal-tender/articleshow/100360379.cms https://economictimes.indiatimes.com/news/economy/policy/rs-...

unmole 3y ago
> was Rs 3.62 lakh crore constituting 10.8% of all the currency notes in circulation Is the point. Demonetization made ~80% of the currency in circulation no longer legal tender overnight. This phasing out is in no way comparable. Which makes the idea that people will have to queue up at banks unbelievable.
SanjayMehta 3y ago
So deposit your 2000/- notes hoard in a bank, withdraw as many 500/- notes as you need. There's no limit to deposits, only on exchanging cash anonymously.
- throwaway384629 3y ago
  "Guess now it's again time to line up in banks." Thats what I mentioned in the top comment to which are you are replying.