Indians rush to offload ‘illegal’ cash before September deadline

Millions are desperate to get rid of their 2,000 rupee notes, worth about £20
The 2,000 rupee note will cease to be legal tender at the end of September
The 2,000 rupee note will cease to be legal tender at the end of September
DIVYAKANT SOLANKI/EPA

It feels like Diwali across India as stores selling gold, diamonds and luxury brands are swamped by shoppers. But the frenzy is not for a festival, it is because millions of Indians are desperate to get rid of their stashes of 2,000 rupee notes, worth about £20 each, before they cease to become legal tender at the end of September.

The Reserve Bank of India has announced that it will withdraw its highest-value note from circulation, as it is not widely used. Economists claim that the move could boost bank deposits.

Whatever the reason, it has left many people with a dilemma: they are free to deposit the notes at a bank or exchange them for lower-value ones — but that will alert the tax