Missing Rs 2,000 notes baffle city’s bankers, liquor retailers

By  CS KOTTESWARAN & R SATHYANARAYANA

CHENNAI: It has been a month since India withdrew its highest denomination currency -- Rs 2,000 -- from circulation, but going by the deposits coming in, the currency that was once high in demand is now missing from the public domain. Not just the banks but even Tasmac outlets are not witnessing any accumulation of the withdrawn currency in bundles.

Managers of several banks in both public and private sectors in Chennai, whom DT Next spoke to, said other than for the retailers and the public depositing notes to the tune of a few thousand, there was no large-scale deposition running into lakhs or crores.

While there were “normal” deposits from customers in Sowcarpet, George Town and T Nagar area, the commercial hotspots, the deposits in other areas are meagre, sources said.

Tasmac sources also said that the State-run liquor outlets are yet to witness any large-scale arrival of Rs 2,000 notes though there are still three months to go before the deadline for the return of the currency ends.

Clueless case of NRI Tamils

Changing the withdrawn currency is becoming cumbersome for NRIs and Tamils residing in Western countries. Tamil families settled abroad, particularly in the United States and the United Kingdom, are reaching out to the community members to get the Rs 2,000 note changed.

“Most of these notes are the ones kept in travel bags, piggy banks and the ones offered by relatives and grandparents,” said N Krishnakanth, a chef now working in Australia.

“I have cash of around Rs 20,000 given to me by my grandpa, and I chose not to spend this during my trip to Chennai. But now changing the notes has become a cumbersome process,” said S Mithul, a Georgia-based school student.

“My father and sister also have a few notes that must be changed. The Tamils in the US are seeking help from friends who are travelling to India to get the notes changed,” said Mithul adding she has not heard about demonetisation and this is a new experience for herself and her sister Prarthana, who also possess a couple of Rs 2,000 notes.

“The NRIs and those abroad can seek the help of their friends to get the currencies changed, and the RBI has given time till September 30. Even after that, I guess the NRIs will have the option of reaching out to the Reserve Bank of India to change the notes for other denominations,” opined CH Venkatachalam, general secretary, All India Bank Employees Association.

“It was estimated that Rs 2,000 notes worth around Rs 3-4 lakh crore could be in circulation, other than what is already with the government, but the amount coming back into the banking system seems to be minimal. There is no impact on the ordinary people, and there is no public panic, unlike the demonetisation days,” Venkatachalam said. “We have to wait till the end of September to see the effect of the Centre withdrawing the high denomination note,” he added.

According to bankers in Chennai, the cash deposit machines installed in ATMs in Central Chennai are receiving a large number of Rs 2,000 notes, but the scenario in the north and south Chennai is dull, thanks to Sowcarpet and T Nagar, the commercial hub.

“Though the Guindy Industrial estate area is a locality known for high bank transactions, the deposition of Rs 2,000 notes is very minimal. Daily customers are using the deposit machines and accounts, but the deposits do not cross the Rs 20,000 mark,” said a branch manager with a national bank.

Scene at Tasmac outlets

A senior Tasmac official said it was clearly instructed to the supervisors and as well as salespersons of all the liquor vending outlets that they have to accept Rs 2,000 denomination notes. He also pointed out that more than 95 per cent of consumers do not bring Rs 2,000 notes to Tasmac outlets to purchase liquor. However, he said many customers, who come to Tasmac elite shops across the city, exchange Rs 2,000 notes for their purchase.

“Only a couple of complaints have been received so far about Tasmac salespersons refusing to accept Rs 2,000 denomination,” he said. The Tasmac official also said a few videos were deliberately circulated on social media to showcase that few salesmen refused to accept the demonetised note, which is factually incorrect.