Indore petrol pumps flood with Rs 2,000 notes after RBI's withdrawal

Indore petrol pumps flood with Rs 2,000 notes after RBI's withdrawal

Some of the customers have been paying in Rs 2,000 notes while buying fuel worth only Rs 100 for their two-wheelers.

PTIUpdated: Monday, May 22, 2023, 01:29 PM IST
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Indore (Madhya Pradesh): Two days after the RBI announced withdrawal of Rs 2,000 currency notes, Indore petrol pumps witnessed a five-fold rise in payments with this denomination for fuel purchase by customers, an office-bearer of a petrol pumps association claimed on Monday.

Some of the customers have been paying in Rs 2,000 notes while buying fuel worth only Rs 100 for their two-wheelers, he said.

The Reserve Bank of India (RBI) on Friday made a surprise announcement of withdrawal of Rs 2,000 currency notes, but gave the public time till September 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.

The RBI said it had asked banks to stop issuing Rs 2,000 notes with immediate effect.

People paying Rs 2000 for Rs 100 petrol

Indore Petrol-Pump Dealers Association president Rajendra Singh Vasu said, "Payments in Rs 2,000 currency notes by customers for fuel purchase at petrol pumps has increased by at least five times. But, it is not a matter of concern for us as these notes can be easily exchanged in banks." He said there have been some customers paying in Rs 2,000 currency notes for fuel worth only Rs 100 for their two-wheelers.

"Since most of the customers make payments online these days, the availability of lower denomination currency notes at petrol pumps is not a major problem," Vasu said.

There are 275 petrol pumps in Indore district of Madhya Pradesh, he informed.

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