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The government’s decision to scrap Rs 500 and Rs 1000 notes has opened a window of opportunity for a few small vendors to make some good money. Since the government has set December 30 as deadline for people to exchange their high value notes in their nearest bank, these vendors are accepting currencies of these denominations on a certain margin. This will help to claim the full amount from the bank, while saving others the hassle of queuing up at the branch.
While some shops in Delhi are offering four notes of Rs 100 in exchange of a Rs 500 note, some are helping out their customers with other alternatives. A shop in the national capital is reportedly accepting Rs 500 notes for purchase of items worth Rs 300 and offering a receipt of Rs 200 in return. The receipt of the remaining amount can be used to purchase items worth Rs 200 the next day, facilitating smooth trade.
On the other hand, several petrol pumps are selling Rs 100 notes at a certain margin. One of the vendors is reportedly selling five Rs 100 notes at a price of Rs 540 (500 currency note plus Rs 40). A fitness centre in Janakpuri is circulating message to invest “Rs 500&1000 notes on your health because health is real wealth.”
However, a lot of companies, especially those dealing in home delivery, have sent out messages saying that they will not be accepting anything other than Rs 100 notes from now on. One Noida restaurant which sent out an SMS blast to regular customers asking them to buy food with Rs 500 notes soon sent out a clarification that they could not accept these notes for sale.
As ATMs and banks were closed, people on Wednesday explored various options to get smaller denominations notes such as Rs 100 and Rs 50 which were in short supply due to the heavy demand. These vendors have really discovered their entrepreneurial side with the government move.