Delhiites have quickly adapted to the recent Reserve Bank of India (RBI) announcement regarding the withdrawal of ₹2,000 denomination banknotes from circulation. Instead of making multiple trips to the bank, residents are exploring alternative methods to dispose of their currency. Although the notes are still considered legal tender and can be exchanged at banks until September 30, 2023, Delhiites are embracing their resourcefulness to avoid any inconvenience.
The Jugaad Mentality: Cash Payments and Convenient Solutions
As soon as the RBI announced the withdrawal of ₹2,000 currency notes, discussions ensued among Delhiite families about who would handle the task of visiting the nearest bank. However, even before banks began accepting ₹2,000 notes, Delhiites found a clever workaround to minimize their time spent at banks. Nihal Singh, a consultant at a management consulting firm, shared his experience, saying, "Since the note is still legal tender, the petrol pump attendant couldn't refuse when I handed him a ₹2,000 note and requested a fuel refill worth ₹200 for my bike. It was an effortless transaction." Singh expressed his satisfaction at getting rid of a few notes using this method and highlighted that he had significantly reduced his cash usage since the last demonetization, relying mostly on online payments since the beginning of the Covid-19 pandemic.
Sufficient Time for Exchange: Banks Accepting ₹2,000 Notes Until September 30, 2023
Although there is ample time to exchange ₹2,000 notes until September 30, 2023, Delhiites are wasting no time in devising creative strategies to avoid multiple visits to the bank. They have found that making cash payments at fuel stations, retail outlets, liquor shops, and even restaurants has become a viable alternative.
Petrol Pumps and Retail Outlets as Safe Avenues
Shyam Sunder, an employee at a fuel station in Mayur Vihar Phase-1, observed a significant surge in bill payments with ₹2,000 notes since the withdrawal announcement. He shared his experience, "Over the past couple of days, we have received a lot of ₹2,000 notes from scooter and bike riders who only require ₹150 or ₹200 worth of petrol. The same trend applies to CNG vehicle owners. Since we cannot turn away customers, we inform them that we don't have enough change."
Sumit Sharma, an employee at an electronics outlet in Connaught Place, highlighted that large retail stores have also become popular destinations for cash payments. He stated, "Since the announcement, there has been a surge in cash payments. Customers who previously used cards to take advantage of discounts and schemes are now opting for cash payments. Some customers even made full payments in ₹2,000 notes. This weekend, we witnessed a tremendous increase in cash transactions. In one instance, a customer purchased a mobile phone and paid ₹30,000 in cash using only ₹2,000 notes.