Live
- Kolar’s Compassionate Leap: Mechanical Elephant Leads Temple Procession
- Centre to unveil startups under new National Quantum Mission guidelines
- Women’s protest rally in Imphal against re-imposition of AFSPA in 6 police station areas
- Greater Nicobar Island project has all environmental clearances: Govt
- Fadnavis leaves for Delhi, expected to meet Amit Shah along with Shinde, Ajit Pawar
- HYDRA-Relocated Residents Struggling with Severe Maintenance Issues at New Dignity Housing Colony
- BGT 2024-25: Jasprit Bumrah is one of the best in the world, says Pat Cummins
- BIS to develop standards for 214 critical medical devices by 2025 end
- HM Amit Shah pens story of co-operatives revival, gets thumbs up from PM Modi
- Next BJP govt will give pension to all 10 lakh elderly in Delhi: Virendra Sachdeva
Educational institutions, petrol bunks refuse to accept Rs 2,000 notes
A signboard stating that Rs2,000 notes will not be accepted’ was put up at a petrol bunk in Visakhapatnam. Photo: Vasu Potnuru
- Petrol bunks refuse to accept high value currency notes as many look forward to get them exchanged
- Retail outlets and markets too are reluctant to allow customers make a payment of high value notes
- Educational institutions made it clear that they will not accept Rs 2,000 notes during fee payment
Visakhapatnam: Even as there is a four-month time for the RBI to withdraw Rs.2,000 currency notes from circulation, educational institutions and petrol banks have withdrawn from accepting them much ahead.Citing excuses that they don’t have change, several shops and retailers too have refused accepting the high value currency notes from customers.
Joining the club, managements of educational institutions are quick to send a circular to parents stating that “We would like to inform you that we are facing restrictions to deposit the fee amount in Rs 2,000 denomination collected from parents in banks. So, we request you not to pay a fee in high value currency notes.”
Currently, a large quantity of the high value currency notes is transacted at jewellery stores. If they also display a ‘no acceptance signboard’, there will be limited options left for the people to use Rs 2,000 notes for their transactions. For most of them, banks will only be an alternative to deposit them.
In 2016, Rs 2,000 currency note was introduced post the demonetisation move. During the initial days of its introduction, the note was extensively circulated in the market. However, after the RBI’s announcement on its withdrawal from circulation, fuel filling stations turned out to be a better alternative for many to get Rs 2,000 notes exchanged for payment.
But they have put up signboards stating that Rs 2,000 notes will not be accepted. When the petrol bunk operators were enquired for their refusal to accept the high value notes, they mentioned that their bankers advised them against accepting them. “Initially, we received a large chunk of Rs 2,000 notes on a daily basis. We too find it difficult to deposit them in the banks’ the next day. Hence, we stopped accepting the high value notes for payment,” says a petrol bunk operator at MVP Colony.
With retailers gradually withdrawing from accepting Rs 2,000 notes from customers for the transactions made, the banks are likely to witness a rush in the coming days as people will have no other choice but to deposit or get them exchanged in the banks.
