Shopkeepers Refuse To Settle for Rs 2,000 notes; Jewelry Retailers Making Most Of It | Private Finance Information

Lucknow: The acceptability of pink notes within the denomination of Rs 2,000 has come down drastically after the federal government determined to withdraw them from circulation and gave a four-month window for a similar.

In Lucknow, all medium and small shopkeepers have stopped accepting Rs 2,000 notes on the excuse that they don’t have the change.

It is just the multi-brand showrooms which are accepting the Rs 2,000 notes.

“There’s a sudden rush of shoppers who’re eager to pay with Rs 2,000 notes. Because the panic, we’re additionally being cautious and don’t wish to fill up on these notes,” mentioned the proprietor of a number one grocery retailer in Hazratganj.

Jewelry outlets and outlets promoting electronics, nevertheless, are making many of the withdrawal of this forex.

Most jewelry store in Kanpur and Prayagraj remained open on Sunday to make many of the enterprise increase.

“That is additionally the marriage season and folks really feel it’s safer to speculate the pink forex in gold. A few of my pals are cautious of depositing the Rs 2000 notes within the financial institution – they concern it might be a entice by legislation enforcement companies,” mentioned Rahul Rastogi, a jewelry store proprietor in Prayagraj.

He, nevertheless, denied that he and different jewellers have been promoting jewelry at a premium if the shopper purchased them with Rs 2,000 notes.

“Some individuals could also be making many of the state of affairs however we’re not fleecing our common prospects,” he added.

In the meantime, digital showrooms are additionally benefitting from the panic over withdrawal of pink forex.

“This might be a milder type of demonetisation so I’m not taking any possibilities. I do have Rs 2,000 notes with me in enough quantity and I’m shopping for some cell phones and different devices. It’s higher than queuing up outdoors banks,” mentioned Vikas (title modified).

Petrol pumps are accepting the forex however provided that the purchasers’ gas invoice is greater than Rs 1000. Some petrol bunks even displayed boards to the impact.

Meals supply boys, nevertheless are refusing to just accept Rs 2,000 notes if a buyer opts for money on supply.

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