Zomato, the food delivery service giant, reported that a whopping 72% of users paying for their orders via cash on delivery since Friday used ₹2,000 notes. Zomato shared this information in a tweet, generating much discussion on social media.
What Happened? This surge in the usage of ₹2,000 notes comes on the heels of the Reserve Bank of India’s (RBI) May 19 announcement about the withdrawal of ₹2,000 denomination notes from circulation by September 30. Consequently, Indians are scrambling to use their ₹2,000 currency notes.
Despite the withdrawal, the RBI assures that the ₹2,000 notes will remain legal tender. They also stated that individuals can deposit their ₹2,000 notes into their bank accounts or exchange them for other denominations at any bank branch.
Zomato cheekily commented on the RBI’s announcement with a post saying, “kids: exchange ₹2000 note at bank, adults: order cash on delivery and give ₹2000 note, legends: never had ₹2000 note.”
As of March-end, the ₹2,000 banknotes in circulation totalled ₹3.62 lakh crore, comprising only 10.8% of notes in circulation. At its peak in March 2018, the total value of this denomination in circulation stood at ₹6.73 lakh crore. The central bank halted the printing of ₹2,000 notes in 2018-19.
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