There has been a severe shortage of Rs 2000 notes in circulation. Hoarders back in business?
Banks and ATMs across the country are witnessing a strange phenomenon – the case of vanishing Rs 2000 notes.
This sudden disappearance of Rs 2,000 notes in recent weeks and months has stumped bankers and ATM operators.
So, why is this shortage? Sources say it may be due to hoarding as the pink currency can easily be stored.
In some areas, people have been exchanging four Rs 500 notes to get the high valued pink currency.
Adding to the crisis supply of new notes from the Reserve Bank of India bank has sharply declined. This has led to speculations that it could be a deliberate strategy to restrict the flow of high-value notes in the economy.
In some areas, the SBI has started recalibrating the Rs 2,000 currency cassettes Rs 500 currency ones, according to The Economic Times.