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
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
