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Sunday, May 19, 2024

RBI says no need to rush but Zomato got 72% COD orders paid in Rs.2000 notes

RBI Governor Shaktikanta Das said there is no need to rush to the banks to exchange 2,000 as the deadline is still four months away. But, Zomato reported that  since Friday 72% of their Cash on Delivery orders were settled using 2000 currency notes.

Demonetization returns: Zomato, one of the most well-known food delivery apps in India, said on Monday that a large percentage of their Cash on Delivery (CoD) orders since the previous Friday were paid using currency notes of 2000 rupees or above.

The Reserve Bank of India (RBI) has just announced that it would soon stop allowing banknotes with the value of 2000 to be put into circulation. This is a relatively new trend. The Reserve Bank of India (RBI) has issued an official announcement that informs the public that the deadline for people to deposit and/or exchange their 2000 banknotes is the 30th of September.

Ever since the announcement, there has been a mad dash among the populace to swap and get rid of any cash notes worth 2,000 yen as soon as possible. People are frantically trying to get rid of their cash in the wake of the recent demonetization of high-value notes, and they are flooding places like gas stations and jewelry shops in an attempt to do so.

On Monday, the Governor of the Reserve Bank of India, Shaktikanta Das, issued a statement about the exchange of 2,000 rupee notes. He noted that there is no need for consumers to contact banks in a hurry manner in order to make the swap since the deadline is still four months away. In addition, Das reassured the general public that the country’s central bank would pay close attention to any problems that may crop up along the process.

The Reserve Bank has made the decision as part of its currency management operations to remove the denomination from circulation. This decision is in line with the clean note policy that has been in place for some time. The governor said that the goal behind the introduction of the bank notes worth 2,000 yen — which was to mainly refill the notes that were removed as a result of the demonetisation — has been accomplished.

Tomorrow, we will begin the process of exchanging the cash notes or putting them into our account. A recent statement made by the State Bank of India said that people would not be needed to produce any kind of identity evidence or requisition sheets in order to swap 2,000 notes. This declaration was made in response to a previous announcement made by the State Bank of India. On the other hand, it is essential to keep in mind that the maximum number of currency notes that may be exchanged at one time is 20,000.

Newsdesk

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