Rs 2,000 Note Exchange: Bengaluru traders, petrol pumps enforce minimum purchase rule

Traders and fuel outlets in Bengaluru have enforced a minimum purchase rule to exchange ₹2000 note. They have put up posters that ask customers to make a minimum purchase of ₹1000 to exchange their ₹2000 note.

Komala Lakshminarasaiah, the owner of an IndianOil fuel outlet at Yeshwantpur on Tumakuru Road in Bengaluru told Moneycontrol that before the RBI's announcement, they would receive 20 to 30 pieces of ₹2000 note a day. However, now it has jumped to 150 to 180 notes.

Cashless transactions in the city has also increased now. Meanwhile, some traders have banned ₹2000 note for transactions. It is also to be noted that Traders in Bengaluru do not accept ₹10 coins either.

Also Read: ₹2000 note exchange: Banks to notify big deposits to IT department

Many shopkeepers refuse to take ₹2000 note in fear of the exchange burden. Most people prefer to exchange the notes in markets rather than waiting at bank queues.

Moneycontrol's investigation has also found out that Bengaluru is now swelling with touts to exchange the currency. ₹100 is being charged for every ₹2000 note exchange. The commission is also reduced if large number of ₹2000 notes are being exchanged.

The RBI has given time till 30th September to deposit and exchange ₹2000 note in banks.