![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/78\/590x\/secondary\/India-is-removing-2-000-rupee-banknotes-from-circulation-4979910.jpg?r=1695752381398\")
<\/p>\n<\/p>\n
Indians have been told to hand over billions in banknotes after the country’s reserve bank set a deadline of the end of the month to exchange or deposit the country’s highest-value notes.<\/p>\n
The 2,000 rupee note is still in wide circulation and is said to total \u00a32.3billion.<\/p>\n
Indians still in possession of the notes after the deadline in four days’ time will have to provide a reason for doing so.<\/p>\n
The Reserve Bank of India announced the move on May 19 and by the start of September, 93 percent of the notes had reportedly been returned.<\/p>\n
Of those notes returned so far the majority were deposited while a fraction have been exchanged for other denominations, according to banking data.<\/p>\n
Don’t miss… <\/strong> Moment woman’s hair gets tangled in Ferris Wheel as she dangles 25ft in the air<\/strong><\/p>\n In a shock move, India’s Prime Minister Narendra Modi announced in November that all 500 and 1,000 rupee notes would be phased out. The 2,000 rupee notes were brought in soon after to boost the amount of money in circulation.<\/p>\n The decision sparked chaos as people waited in long queues outside banks and ATMS to exchange their 500 and 1,000 rupee notes before the deadline came.<\/p>\n Modi defended the move as a measure to combat money earned from the black market.<\/p>\n India’ reserve bank has looked to avoid similar panicked scenes by keeping the 2,000 rupee legal tender status beyond the deadline.<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/78\/590x\/secondary\/Indians-have-until-the-end-of-the-month-to-ditch-the-note-4979935.jpg?r=1695752381451\")
<\/p>\n