From Mangoes, To Temples And Gold - How Indians Are Finding Unique Ways To Spend Rs 2,000 Notes

Nearly a week after the RBI announced the withdrawal of Rs 2,000 notes from circulation and gave Indians time till September 30, 2023, to exchange or deposit the notes, it seems that people are leaving no stone unturned to get rid of the highest denomination currency note.

Indians are stepping up purchases of daily essentials like fuel, and even premium branded products like luxury watches, using the soon-to-be-withdrawn Rs 2,000 notes, as they aim to avoid a flashback of 2016 demonetisation wherein they had to exchange or deposit the notes at banks by standing in long queues.

mint

Since the last weekend, Indians are finding uncanny ways to spend the Rs 2,000 notes that they possess, and shops too have mostly accepted the notes eagerly, using it as an opportunity to increase sales.

From Mangoes, Temples To Gold - Where Are Indians Spending

"A lot of people are using Rs 2,000 notes to pay for mangoes since Saturday," said 30-year-old Mohammad Azhar, a mango seller in Mumbai, as per Reuters. "On a daily basis, I get 8-10 notes now. I accept it. I have no option, it's my business. I will deposit everything at once before Sept 30. There is no fear since the note is valid."

indiatimes

Michael Martis, store manager at a Rado store in a mall in central Mumbai, said his store had seen a 60%-70% increase in Rs 2,000 notes since the withdrawal was announced. "That has increased our watch sales to 3-4 pieces per day from 1-2 previously."

Besides luxury watches and mangoes, the withdrawal of Rs 2,000 notes has also resulted in a gold rush. In Mumbai's gold bazaar, some jewellers were charging a premium on gold for accepting the currency note that will soon go out of circulation. However, a jeweller told PTI that the practice of accepting Rs 2,000 notes in lieu of gold at a premium rate is something that may exist only in the disorganised sector. The organised jewellery players stay miles away from such practices.

Also, cash transactions have sharply risen at petrol pumps and cash-paying customers are using Rs 2,000 notes in nine out of ten cases following Friday¡¯s withdrawal of the high-value banknote, the All India Petroleum Dealers Association (AIPDA) reportedly said. Digital payments, which used to be 40% of daily sales at pumps, have dropped to 10% while cash sales have increased dramatically.

And that's not all. Some people are also depositing their ?2,000 notes in temples. As per a Business Today report, four hundred notes of Rs 2,000 denomination currency notes worth Rs 8 lakh were found in a donation box installed on the premises of the Maa Jwala Devi temple in Himachal Pradesh's Kangra district.

Food delivery firm Zomato said on its Twitter account on Monday that 72% of the "cash on delivery" orders were paid in Rs 2,000 notes since Friday's announcement.

Also Read: RBI Governor Denies Rumours Of Bringing Back Rs 1,000 Notes

Memes Flood Twitter

Launched in 2016 & taken back in 2023

Rs. 2000 note be like - pic.twitter.com/k4Jwwf5Qm9

¡ª Kaagaz Apps (@KaagazS) May 19, 2023

2016 - ? 2000 note was introduced to curb black money

2023 - ? 2000 note is withdrawn to curb black money pic.twitter.com/jFGcuh3geF

¡ª Sagar (@sagarcasm) May 19, 2023

RBI while printing 2000 ? note pic.twitter.com/SHn7oFJLv9

¡ª Darshannn (@D4Dramatic) May 19, 2023

After Rs 2000 note is withdrawn pic.twitter.com/fx3HUHj9cY

¡ª Sagar (@sagarcasm) May 19, 2023

If you think RBI is smart, think again cos Delhites are much smarter.

What an innovative way to increase your sales! ?#2000Note pic.twitter.com/ALb2FNDJi0

¡ª Sumit Agarwal ?? (@sumitagarwal_IN) May 22, 2023

Not Everyone Is Open To Accepting Rs 2,000 Notes

"I don't accept; I won't accept. I don't want to get into the trouble of depositing it with my bank," said a restaurant owner in South Mumbai, the Reuters report mentioned.

This display is at Reliance smart @reliancegroup. It says 'As per Government Circular, we are not accepting ?2000 note for shopping'@RBI any circular stating such restriction? pic.twitter.com/dnNtID0EyR

¡ª CA Nagachandra Somu (@snagachandra) May 23, 2023

Unlike in 2016, when customers rushed to banks to exchange the scrapped currency notes, bank branches in Mumbai and New Delhi were mostly quiet with a handful of people standing in queues. Maximum crowds were seen at counters of State Bank of India, as the bank chose not to ask for any documentation for exchange of up to the maximum allowed Rs 20,000 at one time.

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here.