After the announcement of withdrawal, the use of 2000 notes increased at petrol pump-jewellery shop
Ashok Begani, West Bengal President of the India Bullion and Jewelers Association, said that in 2016 demonetisation happened overnight.
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The Reserve Bank of India on Friday issued orders to withdraw the new 2000 notes, after which people are once again in panic. Because of this, people are getting the 2000 notes kept with them redeemed at jewelery and petrol pumps. Such is the condition not of just one city, but of several cities including Aurangabad, Kolkata and New Delhi.
Earlier 10 to 15 2000 notes were available
The use of Rs 2000 notes at Kolkata's petrol pumps has increased by more than 100 times. Whereas, the use of 2000 notes on jewelers has increased by about 20 percent. President of West Bengal Petroleum Dealers Association Prasenjit Sen says that in the first day 10 to 15 2000 notes were available. Since the RBI's announcement on Friday, there has been an increase in the use of Rs 2,000 notes. Earlier, where 10-15 notes of 2000 rupees used to be found in a day, now that figure has increased to 130-140.
Ashok Begani, West Bengal President of the India Bullion and Jewelers Association, said that in 2016 demonetisation happened overnight. So now there is no panic. Jeweler Bachraj Bamlwa said that after the order, the use of 15-20 percent notes has increased.
There is enough quantity of other notes in the market
Sen claims that some bank branches are getting a lot of inquiries to exchange the Rs 2,000 note. State Bank of India CGM (Kolkata circle) Prem Anoop Sinha told that after depositing two thousand notes, you will be given back the same number of notes. There is no need to panic. RBI Governor Shaktikanta Das said on Monday that it is expected that by September 30, most of the two thousand notes will be returned. This will have a minor impact on the economy. There are plenty of other notes in the market. Only 10 percent of the 2000 notes are in the market.
given time to exchange notes
In Maharashtra's Aurangabad, the use of Rs 2,000 notes has also increased at petrol pumps. Aqueel Abbas, secretary of the Petroleum Dealers Association (PDA), said that earlier very few customers used Rs 2,000 notes. People have been given time to exchange notes. There will be no questions and answers on depositing the notes in the bank, that's why we are also doing business smoothly by taking 2000 notes.
Cash crunch
Ajay Bansal, president of the All India Petroleum Dealers Association, says that even after filling petrol worth Rs 100-200, people are giving only Rs 2,000 notes. Because of this, there is a shortage of loose money at the petrol pump. About 90 percent of the payments are being made with 2000 notes only. However, the operators are getting the money deposited in the bank daily.