Delhi, Maharashtra petrol pumps struggle as ₹2,000 note payments surge

Reserve Bank of India’s announcement of withdrawal of 2,000 currency notes with the 30 September exchange deadline seemed to have put public in a frenzy, who has devised all sorts of options to exchange their 2000 notes, which does not include the ‘bank’. 

Cash on Delivery orders have increased on food aggregator apps like Swiggy, and Zomato, while people have rushed to petrol pumps making payments with the now-much-dreaded-much-unwanted 2000 notes. 

Petrol pumps have said that they are facing the brunt of 2,000 banknote withdrawal as customers are thronging with the high-value currency notes from Friday late to buy fuel worth as little as 100 or 200. 

Petrol Pumps in Madhya Pradesh’s Indore have witnessed a five-fold rise in payments with this denomination for fuel purchase by customers. Petrol Pump owners have stated that some of the customers have been paying in 2,000 notes while buying fuel worth only 100 for their two-wheelers. 

There has been a sudden spike in cash transactions, at least six dealers in Delhi, Uttar Pradesh, Haryana, Jharkhand and Maharashtra said, according to Hindustan Times

According to the report, several pumps in different regions of Uttar Pradesh have put up notices that 2,000 notes will be accepted only for purchase of petrol or diesel of 1,000 or more.

Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said most of the withdrawn 2,000 rupee notes are expected to be returned by the deadline of 30 September. 

“We expect most of 2,000 bank notes to come back to the exchequer by September 30,” he said. “We have more than adequate quantities of printed notes already available in the system, not just with RBI but with currency chests operated by banks. There is no reason for worry. We have sufficient stocks, no need to worry.”

The Governor also said the 2000 note was primarily issued to replenish money, taken out from the system during the demonetisation of 500 notes and 1,000 notes.

While the withdrawn 2,000 rupee notes can either be deposited in bank accounts or exchange for other currency, banks have been advised to make necessary arrangements for exchange, he said.

The 2,000 banknote has been withdrawn from circulation but will continue to be legal tender, the Reserve Bank of India said on May 19, advising people to exchange or deposit the notes by September 30. It has restricted people wishing to change the notes for smaller denominations to 20,000 per transaction. 

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