How many people will be robbed by the Bank’s action?
These types of actions are designed to punish people who don’t trust banks and governments so keep significant money at home.
Honestly I don’t see this as anything nefarious, although I do agree some will procrastinate and not turn the notes in on time and may lose out.
I remember one year the nfl team in my town offered rechargeable debit cards to be used in the stadium for “convenience”.
What they failed to warn people about was to use up any money left on the cards before the last game of the season because after that the cards would be canceled, would not be honored the next season and card holders had no way to get any money left on the cards refunded.
Boy there were some P.O.ed fans after that.....talk about a PR nightmare.
Some central banks demonetize bank notes after legal tender status has been removed, which means that they cease to honour their face value. In other words, demonetized bank notes lose their value.
If people want to keep cash at home they can just exchange their existing paper notes for the new ones.