In a bid to avoid exchanging the ₹2,000 note, many people in India are increasing the purchase of their daily essentials and are even buying premium branded goods. The people are thronging the markets to spend their ₹2,000 notes on products ranging from mangoes to luxury watches. The move is also pushing people to donate huge amounts of ₹2,000 notes to temples.
Most Indian businessmen are currently eagerly accepting the ₹2,000 note hoping the reap the gains and increase their sales.
“A lot of people are using 2,000-rupee notes to pay for mangoes since Saturday,” Mohammad Azhar, a mango seller at Crawford Market in Mumbai told news agency Reuters. “On a daily basis, I get 8-10 notes now. I accept it. I have no option, it’s my business. I will deposit everything at once before Sept. 30. There is no fear since the note is valid,” he added.
Since the withdrawal of ₹2,000 notes is announced Michael Martis, store manager at a Rado store in Mumbai is witnessing a huge jump in the transaction with ₹2,000 notes. “That has increased our watch sales to 3-4 pieces per day from 1-2 previously,” said Martis.
₹8 lakh donation in temple
The temple administration of the Maa Jwala Devi temple in Himachal Pradesh’s Kangra district found 400 notes of ₹2,000 denomination in their donation box. The temple administration said that the money, amounting to ₹8 lakh will be used for developing facilities for the devotees.
On 19 May, the Reserve Bank of India (RBI) announced the withdrawal of ₹2,000 notes from circulation but assured that they will remain legal tender. The central bank gave till 30 September to get the ₹2,000 notes exchanged and recently RBI Governor Shaktikanta Das said that the deadline can be extended depending on the response from the public.