Educational institutions, petrol bunks refuse to accept Rs 2,000 notes

Visakhapatnam: Even as there is a four-month time for the RBI to withdraw Rs.2,000 currency notes from circulation, educational institutions and petrol banks have withdrawn from accepting them much ahead.Citing excuses that they don’t have change, several shops and retailers too have refused accepting the high value currency notes from customers.

Joining the club, managements of educational institutions are quick to send a circular to parents stating that “We would like to inform you that we are facing restrictions to deposit the fee amount in Rs 2,000 denomination collected from parents in banks. So, we request you not to pay a fee in high value currency notes.”

Currently, a large quantity of the high value currency notes is transacted at jewellery stores. If they also display a ‘no acceptance signboard’, there will be limited options left for the people to use Rs 2,000 notes for their transactions. For most of them, banks will only be an alternative to deposit them.

In 2016, Rs 2,000 currency note was introduced post the demonetisation move. During the initial days of its introduction, the note was extensively circulated in the market. However, after the RBI’s announcement on its withdrawal from circulation, fuel filling stations turned out to be a better alternative for many to get Rs 2,000 notes exchanged for payment.

But they have put up signboards stating that Rs 2,000 notes will not be accepted. When the petrol bunk operators were enquired for their refusal to accept the high value notes, they mentioned that their bankers advised them against accepting them. “Initially, we received a large chunk of Rs 2,000 notes on a daily basis. We too find it difficult to deposit them in the banks’ the next day. Hence, we stopped accepting the high value notes for payment,” says a petrol bunk operator at MVP Colony.

With retailers gradually withdrawing from accepting Rs 2,000 notes from customers for the transactions made, the banks are likely to witness a rush in the coming days as people will have no other choice but to deposit or get them exchanged in the banks.