Visakhapatnam: People find various ways to dispose of Rs 2,000 notes

Visakhapatnam : As the high value currency notes are getting withdrawn from circulation in the next four months, people are finding various routes to spend the purple-tinted banknotes that require less space to occupy in the safe deposit cabinets.

Following the Reserve Bank of India's announcement on the withdrawal of Rs 2,000 denomination notes from circulation, people are exploring ways to spend them or get them exchanged with lower denomination ones rather than depositing in banks.

Apparently, it has become difficult to get the high value currency notes exchanged in grocery stores, supermarkets, petrol bunks and restaurants unless the bill made is either equal or more than Rs 2,000.

As a result, those who stashed a large number of high value currency notes are investing in jewellery, while some are getting their itineraries scheduled to exhaust the bulk of the bills.

After a long gap, 'cash on delivery' mode of payment has seen a rise in online transactions. "I got rid of a few Rs 2,000 notes through online shopping. The rest I am planning to spend on my monthly supplies and clothes," says V Amrutha, who works in a multinational company.

Along with investing in jewellery, many are looking forward to exploring new destinations by taking a break. Fortunately, the coincidence of summer holidays comes as a big relief for them as they plan for longer trips. Apart from heading to international destinations, some are also opting for a less-frequented temple tour.

Those who intend to get rid of a large number of Rs 2,000 notes are investing in 999 gold bars in varying weights. "In the recent past, there's a sudden surge of cash payments at the counter. Although we accept Rs 2,000 notes in cash up to Rs 1.99 lakh on submission of an Aadhar card copy, any cash transaction made more than Rs 2 lakh needs submission of a PAN card copy," says a jeweller at Asilmetta in Visakhapatnam.

However, a section of the retail outlets, restaurants, petrol bunks and other traders refuse to accept Rs 2,000 banknotes unless the transaction made crosses the value of the currency note.

Those who had stashed a large quantity of high value currency notes opt for other modes of disposing of them through gift vouchers, school fee, furniture and electronic gadgets by following KYC norms.