Mumbai, May 22: The Reserve Bank of India (RBI) has made an announcement regarding the withdrawal of Rs 2000 currency notes. According to the RBI's directive, individuals can still deposit these notes in banks until September 30. Additionally, the RBI has advised banks to discontinue the issuance of Rs 2000 denomination banknotes, citing adherence to the RBI's "Clean Note Policy." Following this, petrol pumps are overwhelmed by Rs. 2,000 banknote withdrawals as customers flood in with the pink note. Rs 2000 Note Exchange Guidelines: RBI Issues Directions To Banks, Asks Them To Maintain Daily Data on Exchange and Deposit of Rs 2000 Currency Notes.

People are reportedly thronging fuel pumps in Mumbai, Bengaluru, Kolkata, and other Indian cities to buy fuel worth as little as Rs. 100 or Rs. 200, leading to shortages of smaller denomination notes and inability to provide change for Rs. 2,000. Cities witnessed a surge in customers paying bills with Rs 2000 notes, posing challenges for petrol pump staff in managing cash and providing change. Numerous gas filling stations reported a shortage of change, making it impossible to exchange high-value currency. Several petrol pumps even decided to cease accepting Rs 2000 notes to mitigate potential chaos. They put up boards and signs that read "No change". RBI Governor Says Rs 2000 Notes Will Continue to Be Legal Lender, Asks People ‘Not Rush to Banks’.

'No Change' Sign at Petrol Pump in Maharashtra:

Somewhere in Bengaluru:

'No Change Available':

In Chhattisgarh:

According to Hindustan Times, a Delhi-based dealer said, “Earlier, Rs. 2,000 notes used to be 1-2% of our daily sales. Now this has jumped to 80%. We are not banks, and our cash-in-hand is limited, depending on what we get in everyday sales." In an appeal by the All Maharashtra Petrol Dealers Association, customers were requested not to tender Rs. 2,000 notes for fuel purchases amounting to Rs. 50-100.

The Rs 2,000 banknote was introduced in November 2016 following the demonetization of Rs 500 and Rs 1,000 notes by the Modi government. The RBI has set a deadline of September 30 for exchanging or depositing the pink notes. However, individuals are limited to changing the notes for smaller denominations up to Rs. 20,000 per transaction.

(The above story first appeared on LatestLY on May 22, 2023 02:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).