Indian Express Update
Buisness

Withdrawing the Rs 2000 note causes panic buying; here are some inventive ways people are avoiding bank visits

Indians are figuring out new methods to use their Rs 2,000 notes before the deadline of September 30 to swap or deposit them after the Reserve Bank of India (RBI) removed the notes from circulation.

The RBI has said that the Rs 2,000 note would continue to be legal money, meaning consumers can still use them for transactions, in order to ease any concerns surrounding the decision.

There has reportedly been a rise in the number of consumers wanting to purchase upscale brands and everyday necessities.

In order to exchange or deposit Rs 2,000 notes, people have been seeking for alternatives to travelling to the bank. This has resulted in a rise of people seeking to use the notes at various Indian businesses.

A mango vendor in Mumbai told Reuters that since Saturday, the day the RBI announced the decision, many of his clients are using Rs 2,000 notes to purchase the fruit. He claimed to get around ten notes of that denomination each day.

The mango vendor said, “Don't worry; the note is still good, and I'll deposit everything before September 30.

Due to the acceptance of Rs 2,000 notes, shops that sell watches have also seen an increase in sales along with the well-known summer fruit.

According to a Rado shop manager who was featured in the article, his store has increased its daily watch sales from 1-2 to 3–4 since the decision was made.

Not everyone, meanwhile, is eager to take Rs. 2,000 notes.

I don't want to go through the effort of depositing it with my bank, a restaurant owner told Reuters.

Contrary to the demonetisation operation in 2016 when there were huge lines to deposit or exchange the notes, reports indicate that bank branches yesterday did not witness a lot of rush from the public.

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