By Samarth Srivastava, Rittick Mondal, Sreya Chatterjee: What would you do should you had a few Rs 2,000 foreign money notes with you? Attempt to use them as a substitute of queuing up at a financial institution department to change them, proper? However it would not appear to be that straightforward in most locations. At the least that’s what India Right this moment reporters came upon. Nonetheless, there are nonetheless locations which might be accepting Rs 2,000 notes.
Days after the Reserve Financial institution of India (RBI) introduced that it was withdrawing Rs 2,000 denomination banknotes from circulation, shopkeepers and distributors had been unwilling to just accept the foreign money notes from prospects. That is even if the RBI’s announcement stated that the Rs 2,000 foreign money notes will proceed to stay authorized tender for now.
On Monday, RBI Governor Shaktikanta Das stated folks can have time until September 30, 2023, to deposit or change their Rs 2,000 notes at banks. When requested if these notes will stay authorized tender after the deadline, the RBI governor stated a name might be taken primarily based on how lots of the present notes in circulation come again to the central financial institution.
India Right this moment groups visited medical shops, provision shops, petrol pumps and vegetable markets for a actuality verify and located the state of affairs was comparable in markets throughout a number of locations. Nonetheless, there have been some locations that had been readily accepting these notes.
Medical Shops, Provision Shops And Vegetable Market In Lucknow
An India Right this moment group began its investigation with medical shops in Lucknow’s Udaiganj. The group approached a medical retailer vendor with a Rs 2,000 observe, in search of to purchase paracetamol and antibiotics. Nonetheless, as quickly as the seller noticed the pink observe, he refused to just accept it. Different shopkeepers too declined to just accept the Rs 2,000 observe.
When requested for the explanation, a chemist stated, “Who will stand within the lengthy line to change the notes? We do not need to settle for it anymore.” This was the explanation given by a lot of the shopkeepers.
When advised that this was a violation of presidency order, and the shopkeepers couldn’t refuse to just accept the observe, the members of the group didn’t get any response.
The India Right this moment group then moved to Husainganj. A reporter requested a vendor at a basic retailer to pack 10 kg of wheat flour and approached him to pay him with a Rs 2,000 observe. The seller refused to just accept it.
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After approaching medical outlets and basic shops, the India Right this moment group reached a vegetable market in Uttar Pradesh’s Gomti Nagar in Lucknow district.
Right here, too, no shopkeeper accepted the Rs 2,000 observe. Each shopkeeper refused to just accept the Rs 2000 observe as quickly as they noticed it. They stated they had been “poor folks and wouldn’t be capable of get it exchanged on the financial institution”.
Petrol Pump And Jewelry Market In Lucknow
After their Rs 2,000 observe was not accepted by chemists, provision retailer homeowners and at a vegetable market, the India Right this moment group members reached a petroleum pump in Lucknow’s Chinhat. It was the one place the place the Rs 2,000 observe was accepted.
The petrol pump attendants stated every little thing was happening easily and anybody may come at any time and make funds as transactions had been all clear. The petrol pump attendants, nevertheless, stated that they had been requesting prospects to keep away from paying utilizing Rs 2,000 notes if doable.
The India Right this moment group then moved to the bullion market. Right here Rs 2,000 notes had been being accepted for gold and jewelry.
“We’re following the foundations of the federal government and can proceed to just accept the pink notes until September 30,” one of many jewelry store homeowners stated. He additionally admitted that there had been a great enhance in gross sales after the RBI’s current announcement and that prospects had been principally coming with Rs 2,000 notes.
Clients stated it was higher to purchase gold than stand in queues in banks to get the Rs 2,000 notes exchanged. They stated it made enterprise sense as gold costs had been rising, they usually may promote the gold later and money out.
Enterprise As Typical In Kolkata
A actuality verify in Kolkata’s Lake Market space revealed that folks had been going through bother in utilizing Rs 2,000 foreign money notes as most shopkeepers had stopped accepting the banknotes.
However there was no panic among the many patrons who got here for Sunday purchasing.
Many of the basic public India Right this moment spoke to stated there was no sense of urgency because the Rs 2,000 foreign money notes had not been demonetised and in addition as a result of there was over three months’ time to change the notes.
Folks additionally stated that they didn’t have a lot money in Rs 2,000 notes as banks had stopped giving Rs 2,000 foreign money notes since final couple of months.
Nonetheless, in a busy petrol pump in Kolkata, folks had been seen utilizing Rs 2,000 foreign money notes to purchase gasoline. “Even those that used to make on-line funds earlier are actually paying Rs 2,000,” an attendant on the gasoline station stated. The salesperson stated earlier they used to get few Rs 2,000 foreign money notes, however because the final two days, his bag is full with these banknotes.
Folks aren’t going through any drawback as petrol pumps had been accepting funds in Rs 2,000 foreign money notes.
Petrol Pumps See Pink Observe-Motion In Delhi
It isn’t simply jewelry markets, petrol pumps in Delhi have additionally turn into the hub for folks to make use of up their Rs 2,000 notes.
With banks but to start exchanging Rs 2,000 notes, folks had been attempting to make use of the banknotes at petrol pumps in Delhi.
“Inside 24 hours of the RBI announcement, we acquired not less than 2 lakh in Rs 2,000 notes. Often, we used to get 10 notes of Rs 2,000,” stated Vasudev Yadav, an attendant at a Bharat Petroleum gasoline station in Delhi.
“We hardly used to get Rs 2,000 notes, now, because the morning we’re solely seeing Rs 2,000 notes. I needed to refuse not less than 20 folks, saying that I didn’t have change. It’s inflicting an issue,” stated Radhe, a petroleum pump attendant at an Indian Oil outlet.
RBI’s Order On Rs 2,000 Notes
The Reserve Financial institution of India (RBI) on Friday introduced that it was withdrawing Rs 2,000 denomination financial institution notes from circulation. The notes will keep as authorized tender however might be discontinued from circulation. The RBI has additionally suggested banks to cease issuing Rs 2,000 denomination foreign money notes with quick impact.
The Rs 2,000 notes had been launched after the transfer to demonetize the present Rs 1,000 and Rs 500 foreign money notes in November 2016. Whereas new Rs 500 and Rs 2,000 notes had been circulated by the RBI, Rs 1,000 notes had been taken out of circulation.
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