India is ending its 2000 rupee note

India is phasing out its largest bill, the 2000 rupee note ($24). While the bill can still be used, the central bank is asking people to deposit or exchange the note by Sept. 30, 2023.

The move comes before India's state and general elections this year and in 2024. Cash use usually increases during elections. A 2022 study in the journal World Development found that vote buying in India has increased significantly since 2010.

The current total value of the 2000-notes in circulation is 3.62 trillion rupees ($44.3 billion), or about 11 percent of the currency, Reuters reports.

The 2000 note was first introduced in 2016 after the government demonetized the 500 and 1000 rupee notes saying it would cut down on the black market and increase the use digital transactions.

Some analysts said that the impact would not be very disruptive as digital purchases have grown significantly, but small businesses could face inconveniences.

(CGTN)