Rs 2K notes become burden; queues at banks, stores to exchange, spend

Tribune News Service

Nitin Jain

Ludhiana, May 28

While people are yet to overcome the losses, pains and hardships suffered due to the demonetisation of Rs 500 and Rs 1,000 currency notes ordered in November 2016, they will not forget the latest decision to withdraw Rs 2,000 notes as well.

Many poor, lowly-paid workers continue to skip work to queue up at banks to exchange Rs 2,000 notes.

No hardships for the rich

Despite RBI’s decision to withdraw the high denomination Rs 2,000 notes, little has changed for the rich. Most of them continued their routines with credit/debit cards and online banking. “We had an usual day without any hassles as all things moved as per plan,” Aditya Raj, a businessman, said.

Goldsmiths and big showrooms continue to entertain customers and accept Rs 2,000 notes which, the Reserve Bank of India (RBI) has announced, will not be in circulation after September 30.

Those in possession of the highest denomination notes are in a ‘Catch-2,000’ situation.

Interestingly, despite huge publicity, with newspapers and TV channels making loud noises over the decision, there are several ignorant souls in this city of industrialists and business tycoons, who have no clue about the ‘surgical’ strike the RBI has conducted on the highest denomination notes.

People continue to queue up to get rid of their Rs 2,000 notes, which seem to have become a huge burden overnight.

At fuel stations, which are also accepting these notes, tanks of vehicles are being filled for amounts rounded-off to thousands since the stations have run out of change to return the balance. This has hit the two-wheeler waalas hard.

“Modiji is promoting the Beti Bachao Beti Padhao campaign for the girl child but what about my triplet-daughters, for whom I had saved Rs 10,000 from my daily hard-earned income, comprising five Rs 2,000 notes, to celebrate their birthday?” asked an auto-rickshaw driver, Rajesh Kumar. He had planned to take his daughters out shopping and to have food outside as a special treat for them. But he was facing a herculean task to spend the Rs 2,000 notes which, he said, most of the outlets were not accepting.

A juice vendor, who had been waiting for customers since the morning, was elated on getting one customer, who ordered three glasses of mixed fruit juice in the afternoon. Ignorant about the banned currency notes, the vendor was offered a Rs 2,000 note; he took no time in accepting it and returned Rs 1,820. “I was told that these notes are valid for a few more days,” reasoned Sunil.

Another section which was hit hard comprised housewives. Many of them had to disclose their ‘secret’ savings, requesting their better halves to get the money exchanged. “I had saved Rs 50,000 for buying diamond earrings but the RBI’s announcement came as a shocker to me,” said Sakshi, a homemaker.

For the rich, it was just another day. Most of them continued their routine work with credit/debit cards and online banking. “We had a usual day without any hassles as all things moved as per plan,” Aditya Raj, a businessman, said.

However, industrialist Ritesh Kumar had to hold back payment to his employees by a day as Rs 50 lakh he had withdrawn recently comprised the withdrawn currency. “Tomorrow, we will exchange the currency and disburse the salaries,” he said.

Realtors were also hit hard. “It is an open secret that a majority of deals are not entirely accounted for. Dealing with the unaccounted money has now become a major headache,” Harleen Singh, who is into real estate business, said.

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