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The Reserve Bank of India (RBI) recently announced its decision to withdraw Rs 2,000 notes from circulation and set a deadline to exchange the notes.
This decision has affected different sectors, including the food and grocery delivery company, Zomato.
Here is how Zomato is being impacted by the RBI's decision and what it means for the public.
In response to RBI's decision, Zomato expressed its viewpoint on Twitter.
The company shared that during the weekend after the announcement, 72% of customers chose to pay with Rs 2,000 notes for their cash orders.
However, Zomato did not provide additional information about the specific difficulties it encountered because of the withdrawal of these notes.
This Zomato tweet post has received 19,000 likes and more than 1,340 retweets since it was posted.
A user commented and asked, "How many tips were received in Rs 2000 notes?"
Another user wrote, "Post 30th Sept what stand you guys will take? Will accept or won't accept?"
RBI's Rs 2000 notes withdrawal
RBI Governor Shaktikanta Das has stated that it is anticipated that most of the Rs 2,000 notes will be returned to banks by the deadline of September 30th.
In light of this, Das has advised banks to stop issuing Rs 2,000 denomination banknotes right away.
The decision to withdraw the highest denomination note is a part of RBI's overall currency management strategy.
It is important to note that despite the withdrawal, Rs 2,000 notes will still be considered legal tender.
In 2016, the Indian government invalidated all Rs 500 and Rs 1,000 notes, removing their status as legal tender.
To address the country's currency needs, new Rs 2,000 notes were introduced at that time.
However, unlike the widely circulated Rs 500 and Rs 1,000 notes, the Reserve Bank of India (RBI) stopped printing Rs 2,000 notes a few years ago.
As a result, the number of individuals holding Rs 2,000 notes is relatively low.
Exchange and Deposit Procedures
RBI has provided clear instructions on how citizens can exchange or deposit their Rs 2,000 notes.
The central bank has assured the public that the process of over-the-counter exchange will be available in the usual manner, following the same procedures as before.