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₹2000: Lucknowites find ways to ditch the bank lines!
Petrol, liquor, vacation, jewels top the list of those planning to spend the high value currency note
Following Reserve Bank of India’s (RBI’s) announcement to withdraw ₹2000 currency notes from circulation, Lucknowites have started finding ways to spend them.
“At our store we used to get one-two ₹2000 currency notes a day. Now, we are getting about 8 to 10. Since the notes remain a legal tender till September 30, none is pressing the panic button unlike what it was during demonetisation.,” says Manav Prakash, a bookseller at Hazratganj.
The banks will start accepting ₹2000 currency notes for exchange from Tuesday and have issued guidelines. The State Bank of India has announced that “customers can exchange ₹20,000 currency notes without requisition slip”. Still, there are many who would not want to be in the exchange queue.
“Who wants to get into a line? I have already spent two notes at a petrol pump and another at a department store. I will easily spend remaining ones in the remaining time. Now, most transactions are done digitally and that’s why I realised how tough it is to use a big currency note for small transaction,” says Ravi Rai, a medical equipment supplier.
An optical store at Bhootnath Market has issued a creative advertisement. “Three best ways to spend your ₹2000 currency notes. Buy sunglasses, spectacles or contact lenses from us!,” goes the creative. “It’s about providing an opportunity to consumers to spend their legal currency and if some sales increases due to that, why not,” says the salesman.
A two-wheeler owner on anonymity informs: “During demonetisation, we got a bumper sale when people bought vehicles on down payment. There is no panic this time, but we have started reaching out to customers to buy in any form of legal tender. We hope to get a boost on sales. We are still in talks to officially announce through ads, but our reach-out campaign has started.”
High value transaction are good opportunity to dispose ₹2000 currency notes! “Thankfully, my wife is good in saving money, and after demonetisation, I now realised how good she is in it! We have decided to buy two gold bangles out of the notes she has saved. Best part is she has already discussed it with her jeweller that he is accepting,” says Mahendra Yadav, an advocate. He disposed his “personal holding” in buying a high-end liquor brand! Jeweller Rajan Rastogi says: “We have no problems taking ₹2000 currency notes as this has official consent. Hope this gives a boost to the market.”
