At the moment, the Rs 2000 note is good only for selfies. Here’s why

On Saturday, markets wore a desolate look as most of the shops remained closed as cash transaction is the most preferred mode of payment.

By: Express Web Desk | New Delhi | Updated: November 12, 2016 12:07 pm
2000 note, old notes, new notes, currency notes, black money, ATM, money withdraw limit, new currency notes, shortage of notes, fake currency, corruption A brand new Rs 2000 currency note. (Express Photo by Arul Horizon)

With Centre’s decision on Tuesday to make old Rs 500 and Rs 1000 notes illegal tender, people have been reaching banks and ATMs in large numbers to replace their old currency with the new Rs 500 and Rs 2000 notes. However, amidst the prevailing shortage of small denomination notes like Rs 100, people are facing extreme difficulty in spending the Rs 2000 notes

“They aren’t giving change because they don’t have much themselves. They are rather asking to spend the Rs 2000 completely or keeping an account of the change for next purchase,” said a buyer in Delhi.

Earlier, there were reports that medical stores, metro train counters and petrol pumps accepting the old notes as per government order but refusing to provide change or offering purchase of lower amount. This is precisely because the higher denomination notes made up of more than 80 per cent of the currency in the country and after the announcement, there has been a massive demand for Rs 100 notes leading to an acute shortage of the currency.

On Saturday, markets wore a desolate look as most of the shops remained closed as cash transaction is the most preferred mode of payment. “At big stores and shopping malls, they are asking people to pay by cards. Even medicine shops have stopped taking old notes,” said another Delhi resident.

Meanwhile, eCommerce websites and other service providers like Uber, Ola also accepted notes of smaller denominations only and asked the users to pay using electronic wallet. Mobile banking services like Paytm and Freecharge witnessed an upsurge in user traffic as more and more people switched to them for making payments for their purchases.

As per government directive, the ATMs became functional on Friday but there were reports of all the cash being withdrawn within hours. Currently, there is a limit of Rs 2000 per day which can be withdrawn by an individual for the ATM.

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  1. R
    Ramesh
    Nov 13, 2016 at 3:46 pm
    I would like tell media and news paper person dont make angri to the people just increase u r trp please cooperate to pm for his efforts stop black money please
    Reply
    1. S
      Seema Joshi
      Nov 12, 2016 at 4:55 pm
      अबकी बार सेल्फी सरकार ;-)
      Reply
      1. K
        Kumar
        Nov 12, 2016 at 9:15 am
        Demonetization is good for the country to control if it is executed with a real patriotic heart. But if its just a political drama to safe guard the seat for the next election ...by safe guarding the friends and corporate giants from demonetization.lt;br/gt;lt;br/gt;Thinks to Focus :lt;br/gt;1) The new currency issued, does it have gps tracking or some sort of tracking to control future corruption or black money ? - if not then what is the measure taken by government to control such type of scamp, black money or corruption - It might show some small gains in the economy but in long run there is zero effect. lt;br/gt;2) Why the corporate giants and others are quite, it will surely have some impact in the big business if Demonetization were really very confidential - As all knows the political relation between corporate giant and political party and RBI governor (If not then just go through the job profile of all three to co relate - hope you understand).lt;br/gt;3) Third question to focus : What is the action government doing to control the corruption .... because corruption is the ACT and blackmoney is the Output... by cleaning the Output doesn't make any difference YOU HAVE TO CHOP THE ACT.lt;br/gt;lt;br/gt;Any how atleast the said leader as shown some courage to clean up INDIA that too is a great effort ........... rest of the stupids were just puppets and even professor of corruptions. I believe at least 25% of corrupt fund is destro and even legalized... so for coming 2-3 yrs India can hope for the best in the economy.lt;br/gt;lt;br/gt;Best of Luck India
        Reply