man holds Rs 2000 currency notes at a bank. The Reserve Bank of India has announced for withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. (PTI)
HYDERABAD: With the Rs 2,000 currency notes set to be withdrawn by September 30, city residents are finding it hard to exchange their notes as business establishments, including fuel stations, jewellery shops and wine shops, are refusing to accept the denomination.
Establishments around the city have also set up boards and signage on their premises, warning incomers that the Rs 2,000 note will not be accepted.
The problem, however, is not exclusive to consumers as traders in wholesale markets also refused to accept the Rs 2,000 denomination notes from retailers.
Anand Gupta, a jewellery shop owner, said that most people were aware of the withdrawal of Rs 2,000 currency notes but there was no rush of customers to purchase gold and silver items in exchange for the high-value notes. "Let us wait, the customers may increase in coming days," he said.
Jagadish, cashier at a fuel filling station in Secunderabad, said that they are accepting Rs 2,000 currency notes if a customer purchased fuel worth Rs 1,500 or more. "We are not accepting the Rs 2,000 note if the customer buys less," he said.
A few sources, however, said that jewellers and jewellery shops in tier-II cities are accepting Rs 2,000 notes to do more business. They are also helping out acquaintances by selling gold biscuits and ornaments by accepting the notes, it was revealed.
Shyamsunder, a degree lecturer, said that most people did not possess Rs 2,000 currency notes. "The notes are neither in circulation nor being disbursed by ATMs. People from middle and lower-middle-class families have been unable to access Rs 2,000 notes for the past three years. There is no big impact over the withdrawal of Rs 2,000 currency notes from circulation," he said.
N. Ravi Kumar, Manager, SBI Secunderabad Branch:
"Any customer can exchange 20 currency notes of Rs 2,000 denomination per day. There is no restriction if the customer deposits Rs 2,000 currency notes in their bank accounts. But customers should be cautious about the Income-Tax department issuing notices over deposits of huge amount. Compared with last demonetisation, there is no impact on transactions."
Manepally Gopi Krishna, Proprietor, Manepally Jewellers:
"We are taking proper documentation if customers purchase gold ornaments by offering Rs 2,000 currency notes. It is mandatory to provide declaration, proof of PAN card and Aadhaar card. End of the day, we are responsible for accepting Rs 2,000 notes, so we are taking utmost care. Gold ornaments up to Rs 1,80,000 are being sold by accepting Rs 2,000 notes."