New Delhi: Petrol pumps are going through the warmth of the ₹2,000 banknote withdrawal as prospects are thronging with the high-value forex notes from Friday late to purchase gas price as little as ₹100 or ₹200, forcing many retailers to place up notices that they’d not be capable of give change for ₹2,000 because of unavailability of notes of smaller denominations.

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There has been a sudden spike in money transactions, not less than six sellers in Delhi, Uttar Pradesh, Haryana, Jharkhand and Maharashtra mentioned, requesting anonymity. Several pumps in several areas of Uttar Pradesh have put up notices that ₹2,000 notes will probably be accepted just for buy of petrol or diesel of ₹1,000 or extra. HT reviewed a few such notices.

Delhi-based sellers are equally arduous pressed. “Being in the capital, we cannot put up such notices. As ₹2,000 notes are legal tender, we cannot refuse them. But we are also short of smaller notes. We are consider requesting customers to take change through UPI, BHIM and Paytm,” one supplier mentioned.

“Earlier, ₹2,000 notes used to be 1-2% of our total daily sales. Now this has jumped to 80%. We are not banks, and our cash-in-hand is limited, depending what we get in everyday sales. It is a practical issue that arose due to the RBI’s decision to withdraw the ₹2,000 currency. It seems that people are not adequately aware that they have ample of time to exchange them in banks,” a second pump proprietor mentioned.

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The ₹2,000 banknote has been withdrawn from circulation however will proceed to be authorized tender, the Reserve Bank of India mentioned on May 19, advising individuals to change or deposit the notes by September 30. It has restricted individuals wishing to vary the notes for smaller denominations to ₹20,000 per transaction. There is not any restriction of depositing the notes in greater quantities in financial institution accounts after following KYC norms.

The RBI ought to have ready mechanisms to change ₹2,000 banknotes earlier than asserting such a choice, a 3rd supplier mentioned. The announcement ought to have been accompanied by ads and publicity campaigns in order that the widespread man was reassured, he added.

“Once bitten twice shy. Even though general people don’t have many ₹2,000 notes and they have time till September 30 to get them exchanged in their banks, they don’t want to take any chance, thanks to the nightmarish experience of demonetisation of November 2016,” he mentioned.

Also Read | What will happen to ₹2000 notes after September 30?

While many purchasers in Delhi may pay petrol or diesel payments by ₹2,000 banknotes, car house owners confronted bother in different cities and distant areas. “After heated arguments, I had to use my credit card to pay the fuel bill,” a Mumbai-based skilled mentioned, requesting anonymity.

“Petrol pumps are accepting ₹2,000 notes provided you fill fuel for the entire sum, as they don’t have small notes to return the balance,” mentioned a Chandigarh-based businessman.