Use of ₹2,000 notes to buy mangoes and expensive watches has surged after RBI announced withdrawal

Use of ₹2,000 notes to buy mangoes and expensive watches has surged after RBI announced withdrawal

People are buying luxury watches and other high end products using Rs 2,000 notes for payment since the withdrawal was announced.

FPJ Web DeskUpdated: Tuesday, May 23, 2023, 08:02 PM IST
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The rush to replace Rs 2,000 notes didn't force people to queue up outside banks like they did during the days of demonetisation, since they have four months to go through with the exchange. At the same time petrol pumps and other businesses have seen an increasing number of people trying to get change for Rs 2,000 notes, which has been a hassle since they were launched. Now mango sellers and stores selling premium brands have reported an uptick in the number of customers using the notes for purchases before they are withdrawn from circulation.

Shop owners selling the high priced alphonso mangoes have been getting at least 10 notes a day from customers, and will exchange it all just before September 30. A report by Reuters also showed how a retailer selling luxury Swiss watch brand Rado, registered a jump of 70 per cent in the number of Rs 2,000 he receives as payment.

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