The central government may withdraw the legal tender status of the Rs 2,000 denomination banknotes by the end of December this year, after the Reserve Bank of India (RBI) decided to withdraw them from circulation by the end of September.
A source close to the development said since many Indian citizens and Indian missions abroad keep Indian currencies, a window has been kept open beyond September to avoid any inconvenience that was caused in 2016 when the legal tender status of then Rs 500 and Rs 1,000 notes was ended immediately, as part of the demonetisation exercise.
“Last time, during demonetisation in November 2016, a large amount of money was abroad with people, firms, and in our missions which could not come within the deadline and exemptions were given for such money. In several Latin American countries and Pacific island missions, such as Fiji and Trinidad, many Indians pay for visa fees in Indian rup
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