People Crowd At Petrol Bunks To Spend Rs 2,000 Currency

The Reserve Bank of India has clarified that the Rs 2,000 note would continue to be legal tender, but there are evident signs of panic among the people.

Across cities people are rushing to spend the Rs 2,000 note after the RBI had announced that it was withdrawing the denomination banknotes from circulation. The highest rush to spend the denomination are being seen at petrol bunks.

Apart from this a huge rush is being witnessed at wholesale markets, where people are trying to spend their Rs 2,000 currency. Many petrol bunks in Bengaluru and other parts of the city are not accepting the notes and this has led to a sense of panic among the people.

Many who have the Rs 2,000 notes have been spending instead of making digital payments. In some bunks, the owners have put out boards which strictly insist on digital payments. Many are reminded of the demonetisation announcement and are hence panicking.

Since the announcement, petrol bunks across the country have reported a two time increase in the number of customers wanting to offload their Rs 2,000 note.

Meanwhile RBI Governor, Shaktikanta Das said that there is no need to rush to the banks to exchange the notes as there is still four more months to do so.

"Unless you give a particular time, the process will not reach the stage of finality and you have to give a time so that the announcement is taken seriously. The banks have been advised to make necessary arrangements to ensure that people don't have to stand in this scorching heat," Das said.

"Take your time. The process is starting tomorrow but you don't have to go tomorrow," Das also said.

Das also added that withdrawing the Rs 2,000 note will have no impact on the economy. He also said that the note is hardly being used anywhere.