Indians are on a spending spree and not because this is a festive season. Following the Reserve Bank of India (RBI) directive that Rs 2,000 currency notes will be withdrawn from circulation, Indians are stepping up purchases.
A news agency has reported that Indians are not only buying daily essentials but are also spending on branded goods to use up Rs 2,000 currency notes. It’s obvious they aren’t keen to exchange or deposit them at banks or post offices.
Indian shops aren’t resisting the notes. Rather, they’re using it as an opportunity to boost sales. Since the largest denomination note will be withdrawn only in September, they have the time to exchange it.
A 30-year-old mango seller at Crawford Market said he was getting 8-10 Rs 2,000 notes each day. He has been accepting them since the notes are not illegal.
A store manager at a Rado store in a mall in central Mumbai revealed to the agency that the store witnessed a 60%-70% increase in 2000-rupee notes. Watch sales went up to 3-4 pieces per day from 1-2 earlier, he said.
Food delivery firm Zomato reportedly said on its Twitter account that ever since the announcement was made, 72% of the cash-on-delivery orders were paid in 2,000-rupee notes. Later, the company’s spokesperson clarified that the tweet was made in jest.
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