Is there really a shortage of lower-denomination notes? A recent fake circular has spread misinformation claiming that 10, 20 and 50 currency notes are facing a shortage.
The Reserve Bank of India (RBI) has uploaded a fact-check post on its official X handle, clarifying that the news is fake and incorrect. But did this not make you curious about what would happen if there were an actual shortage of lower-denomination currency notes in our economy?
In India, Diwali is the peak shopping season. People spend a lot of money during this festive period. They buy sweets, groceries, clothes, electronics, gold and jewellery.
Amid all this, smaller everyday purchases also take place, especially at local shops and for low-value items where Indians use currency notes, and sometimes UPI or other digital payment options may not be available.
While 100, 200 and 500 notes often take care of bigger payments, smaller notes of 10, 20 and 50 keep everyday transactions moving.
But have you ever wondered what would happen if these small notes suddenly became scarce?
Although the RBI has clarified that there is no shortage this Diwali, an actual shortage could create unexpected problems for shoppers, shopkeepers and small businesses alike.
Let's dig deeper and find out more about it.
If India faces an actual shortage of 10, 20 and 50 notes, everyday transactions could become difficult. Here are seven possible...
Is there really a shortage of lower-denomination notes? A recent fake circular has spread misinformation claiming that 10, 20 and 50 currency notes are facing a shortage. The Reserve Bank of India...