The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 currency notes, and gave people time till September 30 to either deposit these notes in accounts or exchange them at banks
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After the RBI's announcement about withdrawal of Rs 2,000 currency notes, the petrol pumps in Maharashtra's Aurangabad have seen a significant rise in the inflow of these notes, an official of a petroleum dealers' body told the PTI on Monday.
Prior to the announcement, very few customers would pay using Rs 2,000 currency notes at petrol pumps, he said.
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The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 currency notes, and gave people time till September 30 to either deposit these notes in accounts or exchange them at banks.
Banks have also been asked to stop issuing Rs 2,000 notes with immediate effect, the apex bank said.
"Earlier, customers would pay using two to three notes of Rs 2,000 denomination in a day. However, we are getting nearly 100 notes in a day since the RBI's announcement about these currency notes," Petroleum Dealers Association (PDA) secretary Aqeel Abbas told PTI.
The phenomenon is not only seen in petrol pumps in the city, but also in the rural parts of the district, he said.
"Since there are no issued with depositing these notes in the banks, we are accepting them and the transactions are being done smoothly," Abbas said.
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Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said most of the withdrawn Rs 2,000 rupee notes are expected to be returned by the deadline of September 30.
Speaking to reporters for the first time since the surprise decision to withdraw the highest denomination currency note was announced, Das said the decision was part of currency management.
Rs 2,000 currency notes continue to be legal tender, Das added.
Indian currency management system is very robust, exchange rate has remained stable despite crisis in financial markets due to war in Ukraine and failure of certain banks in the West, he said.
The impact of the withdrawal on the economy will be "very very marginal", he said, adding Rs 2,000 currency notes made up for just 10.8 per cent of the total currency in circulation.
He said Rs 2,000 rupee notes were introduced primarily to replenish the currency that was withdrawn following 2016 demonetisation, he said.
(with PTI inputs)
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