Mumbai/New Delhi - Indians Boost Purchases with 2,000-Rupee Notes Ahead of Withdrawal. As the Indian central bank plans to withdraw the 2,000-rupee ($24.46) notes from circulation by the end of September, Indians are increasingly using these soon-to-be-obsolete notes to purchase daily essentials and even high-end branded goods. By doing so, they aim to avoid the need to exchange or deposit the notes at banks.

While the central bank did not provide a specific reason for the move, it comes ahead of state and general elections when cash usage tends to rise, often involving unaccounted transactions, according to analysts. The currency exchange is expected to be less disruptive compared to the sudden demonetization of 86% of the country's currency in 2016.

Since the announcement, people have flocked to stores to spend their 2,000-rupee notes, sidestepping the inconvenience of queuing at banks for exchanges or the scrutiny of tax authorities that comes with depositing large sums. Shop owners in India have eagerly accepted the notes, seizing the opportunity to boost sales.

"For instance, a lot of people have been using 2,000-rupee notes to pay for mangoes since Saturday," said Mohammad Azhar, a mango seller in Mumbai. "I receive 8-10 notes on a daily basis, and I accept them. I have no other choice as it's my business. I plan to deposit all of them before September 30, and there's no fear since the notes are still valid."

Michael Martis, store manager at a Rado store in Mumbai, reported a 60%-70% increase in customers paying with 2,000-rupee notes since the withdrawal was announced. "This increase has led to watch sales of 3-4 pieces per day, up from 1-2 previously," Martis stated.

While food delivery company Zomato tweeted that 72% of their "cash on delivery" orders were paid with 2,000-rupee notes, the tweet was later clarified as a jest and not based on actual numbers. The company did not disclose the actual figures.

Not all shop owners were willing to accept the 2,000-rupee notes.

"I refuse to accept them. I don't want to deal with the hassle of depositing them at my bank," stated a restaurant owner in South Mumbai.

Unlike in 2016, when customers rushed to banks to exchange the invalidated currency notes, bank branches in Mumbai and New Delhi remained relatively quiet, with only a few people standing in queues.

The largest crowds were observed at the counters of State Bank of India, as the bank did not require any documentation for exchanging up to the maximum limit of 20,000 rupees at a time.