Bengaluru: Rs 2,000 notes are in use for buying gold

Bengaluru: After the RBI decision to withdraw Rs 2000 notes in the country, the notes are more now being spent on buying gold, groceries, electronics, petrol and real estate in the markets. However, it was reported on the first day of exchange in banks, it has come to light that only a handful of people are coming forward to exchange notes.

The Rs 2,000 pink notes have been withdrawn and time has been given for exchange from May 23 to the end of September. In Karnataka, common people don’t seem to bother about this. It is learned that only a few people visited various nationalised banks of the state including Bangalore to exchange notes.

The buying spree for gold in the prestigious gold shops in the state capital is high. Some customers who are ready to buy gold worth lakhs of rupees are giving Rs 2000 notes. The owner of the gold shop has offered to deposit the gold purchase bill in the banks.

Common people who are no longer eager to go to the bank to exchange notes have found a new strategy to use Rs 2,000 notes to exchange for buying household items at Swiggy, petrol stations and markets. Traders say that the number of customers who give Rs 2,000 notes for daily use including refrigerator, washing machine, TV and other household items, including rice, gram and wheat, has increased. It is now a headache for the petrol bunk staff to give change for Rs 2,000 rupees to customers who buy 1 litre of petrol at the petrol stations.

From the last few months notes worth Rs 2,000 are not available in ATMs. Thus, the amount of Rs 2000 note collection in the hands of the common people in the state is also less. However, the bank officials have got a hint that only about 3% of the rich families and traders in the state have collected Rs 2000 notes worth more than Rs 25 lakhs.

These rich people through their employees and acquaintances have devised a strategy to change this dud in just 2 months. Even those who have black money are exchanging notes through various channels. While many shops have put a display that they are not taking Rs 2000 notes.