India Withdraws Highest Value Bank Notes Months Before Polls
- Have until Sept. 30 to deposit or exchange 2,000 rupee notes
- Denomination accounts for about 11% of cash in circulation
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India is withdrawing its highest-value currency note just months before a national election, when cash in circulation typically surges.
People have until Sept. 30 to deposit 2,000 rupee ($24) notes into their bank accounts or exchange them for other denominations, the Reserve Bank of India said in a statement Friday citing its “clean note policy.” It didn’t say what happens to those unable to meet the deadline but added that as of now the notes remain legal tender.