Small Traders Avoiding Rs 2000 Notes On Demonetisation Rumors; What Is The Truth?

Small Traders Avoiding Rs 2000 Notes On Demonetisation Rumors
Small Traders Avoiding Rs 2000 Notes On Demonetisation Rumors

The reach of the internet is quite far and wide, and most of the news that is circulated is nothing but rumors. Another such rumor is that the Government is planning to demonetize the notes of Rs. 2000, which will be in effect from December 21, 2019.

This rumor of demonetization of Rs. 2000 notes has also resulted in many small companies and organizations to curb the usage of these notes. They have also started depositing their currency of Rs. 2000 into their bank accounts.

However, the news of demonetization of these notes is not true at all, as revealed by a fact-checking website.

Find out more details right here!

Small Companies And Organizations Avoid Using Notes Of Rs. 2000 

Ever since PM Narendra Modi announced demonetization, rumors and misinformation has been making the rounds of the internet. 

A rumor about the possible demonetization of Rs. 2000 notes was passed around on the social media by an internal advisory from a Karnataka-based logistics firm. However, this news has not been backed up by sufficient evidence, which makes it baseless. 

Moreover, Economic Affairs Secretary SC Garg boosted this rumour when he wrote in a policy prescription about people hoarding the new currency notes as black money. Garg said, “A good chunk of Rs 2,000 notes are actually not in circulation, having been hoarded. Rs 2,000 note, therefore, is not presently working as a currency of transaction.”

He also said that such high-value notes can be banned without any objection, which only added fuel to the fire of the rumours.

This resulted in many small companies and organizations advising their accountants to avoid the usage of the pink notes, and they also told them to deposit any amounts they have in Rs. 2000 notes in their accounts. 

Will Rs. 2000 Notes Be Banned By This Month? 

No, this is definitely a rumour. There have been multiple messages doing the rounds of social media that announce the demonetization of Rs. 2000 notes, starting December 31, 2019. They also state that new notes of Rs. 1000 will be introduced from January 1, 2020. 

As per reports, there has been no such official statement announced by the RBI or the Government of India, which refutes this news totally. 

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