Hyderabad: City banks bereft of rush over exchange of Rs 2,000 notes

Hyderabad : Hyderabadi traders have found a new way to sell their commodities. Some traders of Begum Bazar have started displaying boards saying “Don’t worry, we accept Rs 2,000 notes. Just shop from us.”

Talking to Hans India traders said that ever since the RBI announced withdrawal of Rs 2,000 notes there was some initial confusion and panic but now the traders and customers have understood the situation and hence they have put up a board saying that they accept Rs 2,000 notes.

They said they have nothing to worry since they would deposit them in the bank and get other currency in exchange. It is those with black money who should be worried, they added.

Meanwhile, the kind of chaos that was witnessed soon after demonetisation was not visible anywhere. Banks are not witnessing any kind of rush to exchange the notes.

Along with the 19 RBI branches, special counters were opened in all the banks for exchanging the Rs 2,000 note with an upper limit of Rs 20,000 per day. The customers who deposit more than Rs 50,000 will have to submit PAN card details to the banks.

At SBI main branch in Abids, it was business as usual. There was no unusual rush. An old aged woman, Tabassum Begum came before the banking hours with Rs 2,000 notes expecting a huge rush. Seeing the bank not having any rush, she started wondering if there was any issue there. She said she had brought ten Rs 2,000 notes for exchange.

A customer of SBI Reti Bowli branch alleged that the bank authorities insisted him to submit the Aadhaar card and also the PAN card for exchange.

Similar scenes were witnessed in other banks in the city. There were not even 10 customers during a two hours’ time after the start of the banking hours at a bank in Koti. They said there was no need to fill forms for exchange of notes and urged people to utilise their accounts for depositing the money. Sources said that the RBIs latest statement that the notes can be deposited even after September 30 might have led the citizens to go slow. Another reason would be that not many possess the big notes, they said.