India’s central bank withdraws the largest banknote from circulation

On the one hand, this step by the Indian central bank could boost bank deposits, and on the other hand, this will increase the pressure on people to use electronic money. Of course, with this comes a much greater opportunity for monitoring. And what happens in India often comes to us with a time lag. The 2,000-rupee banknotes in question are worth about 23 euros. The largest banknote in India is the 500-rupee note, which is worth the equivalent of about 5.70 euros. India already launched a similar action in 2016, when all larger banknotes were declared invalid. And this was done with the extremely short warning time of just four hours. Then they had to be taken to the bank. Incidentally, Ajay Banga, a native of India and a "fighter" against cash, has been elected president of the World Bank.

If higher-value banknotes are withdrawn from circulation, this can also be seen as a form of demonetization. Similar efforts to those in India were made in Euroland in 2016, when the European Central Bank stopped printing 500-euro bills. Pressure from the U.S. was responsible for this; only the smallest euro bills were to be available. In India today, there is probably also the thought in the background that spending restrictions should not be circumvented with cash in the upcoming election. So money can become problematic, but this does not happen with gold and gold investments.

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