India has recently been in the limelight again as the Reserve Bank of India (RBI) prepares to withdraw the highest denomination banknote in the country. The INR 2,000 bill was only introduced in 2016, but it will now be gradually withdrawn over the next few months until September 2023 as part of the “clean note policy” to reduce low-circulation banknotes. While India is one of the largest emerging economies in the BRICS group, it has a strong impact on the world market, especially considering the country’s propensity for precious metals and large cash transactions. The withdrawal of the INR 2,000 banknote may cause an increase in gold and other durable goods consumption, likely resulting in an uptick in prices. However, the impact on the global market is expected to be moderate. Ultimately, the effects of this withdrawal and any market fluctuations can be offset through trading with platforms like Libertex, which offer a variety of assets underlying CFD, from traditional currency pairs to cryptocurrencies.
