CHENNAI: The RBI’s announcement to withdraw Rs 2,000 notes from circulation has sparked confusion over their acceptance as legal tender, though the circulation of the high-value note in the market is itself very limited.
Though there is no major disruption in business activities due to the widespread use of cards and digital transactions across the state, several multiplex cinema halls and restaurant chains have stopped accepting Rs 2,000 notes in Chennai.
Meanwhile, Tirunelveli Tamil Nadu State Transport Corporation MD Mohan has issued a circular asking bus conductors in the region not to accept Rs 2,000 notes from passengers. The circular also said general managers and branch managers must advise conductors not to exchange their collection amount with outsiders.
“These notes, up to Rs 20,000 per day, can be deposited or exchanged in banks. Since the TNSTC cannot deposit more than Rs 2,000 notes with banks, bus conductors from May 23 should avoid accepting Rs 2,000 notes from passengers without creating any issues for them. If Rs 2,000 notes are received, branches should update their count with the accounts department,” the circular said.
When contacted by TNIE, Mohan said there won’t be any pressure on conductors against receiving such notes. “This is just an advice to conductors,” he said. Tasmac employees too refused to accept the notes, though no official circular was issued by the management so far.
While a few jewellery shops in Chennai asked customers to submit their PAN card details for paying in Rs 2000 notes for transactions of up to Rs 20,000, a few others were demanding both Aadhaar and PAN details for amounts exceeding Rs 50,000.
A jewellery store in Anna Nagar West has asked its customers to submit a written request along with proof of payment in Rs 2000 notes, PAN, and any other valid ID proof. Railway reservation counters, bus ticket booking counters, fuel outlets, and some hotels in the city, however, continued to accept the high-value note as usual.
“When I attempted to buy five tickets at AGS Villivakkam multiplex in Chennai, the staff at the counter told me that they wouldn’t accept Rs 2000 notes. While it wasn’t explicitly stated as illegal, there seemed to be an unofficial restriction,” said M Mayurunathan, a techie.
Similarly, when a Kolathur resident attempted to buy gold jewellery at Saravana Stores Legend in Padi, she was instructed to provide her PAN details for transactions exceeding Rs 20,000 made using Rs 2000 notes. “PAN was not required for cash transactions up to Rs 2 lakh. It is unclear how they decided to fix Rs 20,000 limit for PAN verification,” said R Radha.
A popular jewellery store in Anna Nagar West asked its customers to submit their name and address on a blank paper along with proof of address for transactions in Rs 2,000 notes. According to the RBI’s announcement, Rs 2,000 notes are legal tender and can be exchanged in banks from Tuesday with a daily limit of up to Rs 20,000. The deadline for exchanging notes is September 30.
When TNIE visited the Koyambedu CMBT bus terminus, it found that SETC AC and non-AC bus crew had stopped issuing tickets for Rs 2,000 notes. At Tasmac outlets in Padi, Korattur and CMBT, the staff refused to accept Rs 2,000 notes. Several hotels and fuel outlets will accept Rs 2,000 notes until Tuesday or for the next few days until banks start facilitating currency exchange.