Transactions with 2000 notes in the market will continue till 30 September.
The Reserve Bank of India has decided to put pink notes of Rs 2000 out of circulation. After this, there is a slight panic in the market, although it is not as gruesome as the demonetisation of November 2016. Whereas in 2016, where shopkeepers had to bear the brunt of demonetisation, this time it is a time of worry for some shopkeepers and for some it is a time of happiness.
In fact, RBI has definitely talked about the closure of 2000 rupee notes, but this time it is making legal tenders. That is, transactions will continue in the market with 2000 notes. Whereas in the note ban in 2016, 500 and 1000 rupee notes had become like a pile of garbage. Due to the closure of these notes in the year 2016, notes of 2000 rupees were issued only to meet the shortage of currency in the market.
somewhere trouble, somewhere happiness
Now, due to the closure of Rs 2000 notes, big businessmen, especially those businessmen whose transactions are mostly in cash. He is afraid of depositing a large amount of cash of Rs 2000. Cash reserves with big businessmen are also in the form of 2000 rupee notes. At the same time, small traders are happy with this step of the government.
Small traders hope that this will increase purchases in the sluggish market. The small amount of Rs 2000 notes lying with the people will come in the market. Instead of going to the banks and changing them, many people can buy such goods from the market, which has been a part of their plan for a long time.
What do the market people say?
Traders’ organization CAT (CAIT) says that the closure of Rs 2000 notes will not make much difference to small traders and retailers. However, there is a possibility of creating a cash pool with big businessmen.
Similarly, Kumar Rajagopalan, CEO of Retailers Association of India, says that this time’s demonetisation is not as disturbing as in 2016. Most retailers are still accepting Rs 2000 notes as currency.
