Disposal of Rs 2,000 notes: 64% Subsequent RBI move; 91% face difficulties using invoices in hospitals and stores: survey

After the Reserve Bank’s announcement to withdraw the 2,000 rupee note as legal tender, there have been reports of an increase in the purchase of fuel for transport, gold and silver jewelry. However, there is no panic buying as seen in 2016 during demonetization.

LocalCircles conducted a survey to understand what people think about the current development and whether small, medium or large businesses should worry about disruption due to the withdrawal of the Rs 2000 note.

Nearly 64% of respondents indicated that they support the RBI move, while 22% opposed it; 12% indicated that it makes no difference to them; and 2% of respondents said they are not sure.

When asked how much money they currently have in their home in the form of Rs 2,000 notes, 64% said they do not have the notes, while 6% indicated they have Rs 1 lakh. Data shows that 15% have up to Rs 20,000; 7% have between Rs 20,000 and 40,000; 6% have between Rs 40,000 and Rs 1 lakh; 2% of the respondents have Rs 1 lakh to Rs 2 lakh. Only 2% had Rs 2-Rs 10 lakh while another 2% had more than Rs 10 lakh in 2000 banknotes.

How the move will turn out, 68% of respondents believe that the RBI’s proposed move to allow the Rs 2,000 note to remain legal currency after September 30 will allow those with black money to exploit the situation and turn it into currency. lower denomination through exchange.

When asked if citizens had attempted to use the Rs 2,000 note after the government’s announcement of its withdrawal from circulation. Only 34% of the 11,253 respondents indicated that they have tried to use the notes, while 66% stated that they “have not tried to use them”.

Furthermore, 91% of the respondents who tried to use Rs 2,000 notes stated that they had difficulty using the notes at retail stores, pharmacies, hospitals, service providers and even petrol pumps.

In the context of the State Bank of India’s announcement that it would allow exchange without the necessary documentation, citizens were asked whether the government should only allow the deposit of Rs 2,000 notes in bank accounts and prohibit exchange. 68% said that “this absolutely must be done”; while 29% were opposed stating that “exchange should also be allowed as it is now” and 3% of respondents did not give a clear answer.

In general, unlike in 2016, when the demonetization of the 500 and 1,000 rupee notes was introduced, the withdrawal of the 2,000 rupee notes does not seem to affect too many citizens, according to the survey.

The survey received more than 57,000 responses from citizens located in 341 districts of India. 64% were men while 36% of the respondents were women. 49% of respondents were from level 1, 34% from level 2, and 17% of respondents were from level 3, 4, and rural districts.