VIJAYAWADA: The Reserve Bank of India’s decision of withdrawing Rs 2,000 notes from circulation, has drastically brought down the acceptability of the notes despite giving a four-month window for deposition and exchange of the notes.
The shopkeepers in Vijayawada have been vehemently refusing Rs 2,000 notes from the customers fearing that it would become a burden for them to exchange in banks later. No matter how big the purchase is, the shopkeepers are preferring lower denominations or UPI payments to avoid further complications. “I purchased medicines worth Rs 300 from a pharmacy located in Nakkala Road on Monday, but the storekeeper rejected Rs 2,000 note and asked me to pay through UPI,” said a customer Rama Krishna.
Another woman Sameena faced the same problem in a shop located at the Labbipet area when she tried paying for goods purchased with legal tender. “The shopkeeper has stopped accepting Rs 2,000 notes on the excuse that they do not have the change. He also placed a board stating that the notes are not accepted,” she explained. Speaking to TNIE, a shopkeeper in Suryaraopet expressed that he would end up piling higher denominations if he had accepted Rs 2,000 notes from customers.
“The RBI has set a limit and only 10 notes valuing Rs 20,000 are being accepted in banks per day. If I keep on accepting Rs 2,000 notes, at the end of the day I’ll be in no position to exchange them with customers or deposit them in banks,” the shopkeeper said.
Not just the shopkeepers, but even shopping malls, jewellery shops, fuel stations and restaurants not accepting the pink notes. “I got strict instructions from our company management not to accept Rs 2,000 notes from our customers,” said an employee of a leading grocery chain.
However, the bank officials assured the public not to panic as the RBI gave a four-month window for depositing and exchange of the higher denomination notes starting from May 23 to September 30.
The bank officials further clarified that the decision is not demonetization and it is called ‘Clean Note Policy’ as per the central bank’s rule.
“Public can deposit or exchange the notes from Tuesday by approaching their home bank branches or at any bank by filling out a form. We have made elaborate arrangements for the public to visit our banks,” said a manager working with Canara Bank in the city.