After RBI's move, Zomato says 72 per cent of CoD bills paid in Rs 2,000 notes
After RBI's move, Zomato says 72 per cent of CoD bills paid in Rs 2,000 notes
“since friday, 72% of our cash on delivery orders were paid in ₹2000 notes,” it tweeted.
since friday, 72% of our cash on delivery orders were paid in ₹2000 notes pic.twitter.com/jO6a4F2iI7
— zomato (@zomato) May 22, 2023
Following the RBI’s move, markets and petrol pumps across the country are witnessing a huge rush of people trying to spend the currency.
Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said most of the withdrawn Rs 2,000 rupee notes are expected to be returned by the deadline of September 30.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.
The move to withdraw Rs 2000 banknotes comes amid concerns about the highest denomination notes being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.
The Rs 2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time.
The RBI had said that it has also been observed that the Rs 2,000 denomination note is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public, it added.
“In view of the above, and in pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the Rs 2,000 denomination bank notes from circulation,” the RBI said. The banknotes in Rs 2,000 denomination will continue to be a legal tender, it added.
The central bank has asked the public to deposit Rs 2,000 bank notes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch.
“Members of the public are encouraged to utilise the time up to September 30, 2023, to deposit and/or exchange the Rs 2,000 bank notes,” the central bank said.
In January 2014, the RBI announced the withdrawal from circulation of all banknotes issued prior to 2005.
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