Shopkeepers Refuse To Accept Rs 2,000 Notes; Jewellery Shops Making Most Of It

Lucknow: The acceptability of pink notes in the denomination of Rs 2,000 has come down drastically after the government decided to withdraw them from circulation and gave a four-month window for the same.

In Lucknow, all medium and small shopkeepers have stopped accepting Rs 2,000 notes on the excuse that they do not have the change.

It is only the multi-brand showrooms that are accepting the Rs 2,000 notes.

"There is a sudden rush of customers who are wanting to pay with Rs 2,000 notes. Since the panic, we are also being cautious and do not want to stock up on these notes," said the owner of a leading grocery store in Hazratganj.

Jewellery shops and shops selling electronics, however, are making most of the withdrawal of this currency.

Most jewellery shop in Kanpur and Prayagraj remained open on Sunday to make most of the business boom.

"This is also the wedding season and people feel it is safer to invest the pink currency in gold. Some of my friends are wary of depositing the Rs 2000 notes in the bank - they fear it could be a trap by law enforcement agencies," said Rahul Rastogi, a jewellery shop owner in Prayagraj.

He, however, denied that he and other jewellers were selling jewellery at a premium if the customer bought them with Rs 2,000 notes.

"Some people may be making most of the situation but we are not fleecing our regular customers," he added.
Meanwhile, electronic showrooms are also benefitting from the panic over withdrawal of pink currency.

"This could be a milder form of demonetisation so I am not taking any chances. I do have Rs 2,000 notes with me in sufficient number and I am buying some mobile phones and other gadgets. It is better than queuing up outside banks," said Vikas (name changed).

Petrol pumps are accepting the currency but only if the customers' fuel bill is more than Rs 1000. Some petrol bunks even displayed boards to the effect.

Food delivery boys, however are refusing to accept Rs 2,000 notes if a customer opts for cash on delivery.