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RBI’s move on Rs 2,000 bill evokes mixed reactions

Hyderabad: Though RBI has made it clear that currency notes of Rs 2,000 denomination would be treated as legal tender till September 30 and would be accepted everywhere and that those who want to exchange can deposit them in banks from May 23, there seems to be some panic among certain sections of the society, particularly the politicians and businessmen.

The common man on the streets has welcomed this move and feels that there would not be much problems as they hardly have any such notes. However, as a precaution, the traders of all hues have stopped accepting Rs 2,000 notes since Saturday morning.

Some of them who went to banks to deposit the few Rs 2,000 notes they have were disappointed as the banks said they do not have enough cash to exchange and asked them to deposit the notes in their accounts. At many ATMs in the city some people were seen depositing the few notes they had with them.

In districts like Nizamabad some people complained that SBI ATMs started dispensing Rs 2,000 notes since morning. For past few months these notes were never to be seen in ATMs. How suddenly they appeared in ATMs was a mystery for them. It is the security agencies which load cash in ATMs.

How did they get Rs 2,000 notes and which are those agencies was the question troubling the common man. Some of them chose to deposit those notes back in the ATMs. The demand for exchange of notes will also be high in the weekdays next week.

SBI bank authorities said that the management has stopped the supply of currency notes to many branches as the digital and online transactions picked the momentum in the city. The scheduled banks would make available currency notes only during the first week of every month to pay pensions and other scheme benefits to the poor.

Depending on the response from the customers, banks will increase physical cash flow from next week. Local bank branches were instructed to encourage the customers to deposit Rs 2000 notes in their accounts directly till September 30, the last date for exchange or deposit of Rs 2,000 notes.