City
Epaper

Small firms fear Rs 2,000 ban, ask cashiers to deposit in banks

By IANS | Updated: December 5, 2019 20:55 IST

Amid rumours about demonetisation of Rs 2,000 bank notes, some companies have advised their cashiers to not accept the high-value pink notes from the customers.

Open in App

They have also directed their accountants to deposit cash balances of Rs 2,000 notes in banks.

An internal advisory by a Karnataka-based logistics firm on the possible demonetisation has been making the rounds on social media but its authenticity could not be ascertained immediately. Multiple attempts to reach the firm on the telephone number given on the advisory went in vain.

While the market has been abuzz with imminent ban of the Rs 2,000 denomination it got fresh fuel after former Economic Affairs Secretary SC Garg wrote in a policy prescription that people may have hoarded black money in the new currency.

He also said that high-value notes can be demonetised without causing any disruption.

"A good chunk of Rs 2,000 notes are actually not in circulation, having been hoarded. Rs 2,000 note, therefore, is not presently working as a currency of transaction," Garg had said.

"A simple method, depositing these notes in the bank accounts (no counter replacement), can be used in managing the process," the former bureaucrat said in a 72-page policy suggestion.

As per his estimate, the Rs 2,000 bank notes account for about one-third of currency notes in circulation in value terms.

The Rs 2,000 notes were circulated by RBI in November, 2016 after demonetisation of Rs 500 and Rs 1,000 notes.

( With inputs from IANS )

Open in App

Related Stories

National'Odisha Vigilance registered 202 graft cases, arrested 212 officials and others in 2025'

AurangabadPolitical careers of 70 candidates end abruptly

Other Sports"Ending 2025 with beautiful memories....": Neeraj Chopra posts pictures of wedding festivities after incredible year on, away from field

EntertainmentFrom Australia's iconic celebrations to US, a look at the world ringing in New Year 2026

NationalAssam CM hails PM Modi’s leadership for Boghibeel bridge

National Realted Stories

NationalAssam govt to intensify crackdown on illegal infiltration: CM Sarma

NationalPM Modi greets INSV Kaundinya crew as India ushers in 2026

NationalTN allocates Rs 248.44 cr for Pongal gift hampers; decision on cash component awaited

NationalArunachal Guv briefs Vice President on progress in education, health and social welfare

NationalNew Year Celebrations Turns Fatal as Two Friends Die in Road Accident on Bareilly–Nainital Highway