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After the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 banknotes from circulation in pursuance of its ‘Clean Note Policy’, the fuel dealers in Punjab on Thursday said they were facing a “difficult situation” similar to the year 2016, when demonetisation was implemented.

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A Public Interest Litigation (PIL) has been moved in Delhi High Court seeking direction to quash the Reserve Bank of India (RBI) Notification dated May 19, 2023, whereby the RBI has taken a decision to withdraw the Rs 2000 denomination banknotes from circulation under the clean note policy or otherwise.…

The RBI issued the withdrawal of all ₹2,000 currency notes on May 19, and has given the public till September 30 to deposit or exchange all the notes at banks.

High net-worth individuals, those dealing in realty, businessmen, liquor outlets, petrol bunks, fertilizer shops, farmers with large land holding primarily were among those who opted to deposit, ostensibly because there was no limit on such remittances.

The Consortium of Indian Petroleum Dealers (CIPD), a body representing over 60,000 fuel outlets across the country, has urged dealers not to turn away customers who pay using ₹2,000 notes and, instead, handle them on a case-by-case basis to avoid complaints

In view of poor revenue receipts the government had to avail the financing options of the RBI to fund its spree of welfare programmes through most of March in the last fiscal

The Reserve Bank of India (RBI) on Tuesday told the Delhi High Court that withdrawal of ₹2,000 notes is not demonetisation but a statutory exercise, and the decision to enable their exchange was taken for operational convenience

Small queues were witnessed at some bank branches on May 23, 2023 for the exchange of ₹2,000 notes against smaller denominations as part of the withdrawal exercise.