The Talk of the Hour! Status of High Denomination Note (₹2000 Note) under the "cleannotepolicy" of RBI.
"Members of the public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023" as per RBI FAQ's on the subject matter.
RBI had undertaken a similar withdrawal of notes from circulation in 2013-2014. This is a routine exercise of RBI and people need not panic
However, the forthcoming impact on economy owing to consequential effects of Clean Note Policy of RBI would be:
1. Push on consumption of durables/RE/Gold in short term
2. Significant impact on the real estate and luxury sectors. (Both sectors were known for a high incidence of cash transactions and black money involvement. The immediate aftermath of 2K note ban may result in decline in property prices and a slowdown in luxury spending)
3. Short-term decline in stock prices coupled with Sector-specific impacts such as real estate, consumer durables, and fast-moving consumer goods (FMCG)
4. Expected increased in tax compliance and unaccounted transactions into the tax net owings as RBI has clearly mentioned deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.
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