Before the announcement of withdrawal of Rs 2, 000 banknotes, petrol pump house owners in Punjab used to obtain simply 10 per cent of the every day money of this denomination.
After the choice to withdraw the foreign money, nearly 90 per cent of the money obtained is of Rs 2, 000 notes, the Punjab Petroleum Dealers Association mentioned on Thursday.
Asking the Reserve Bank of India (RBI) to subject pointers to the banks for offering sufficient small denomination notes, the affiliation mentioned the choice to withdraw Rs 2, 000 notes has once more created the identical tough scenario at petrol pumps as was in the course of the 2016 demonetisation drive.
“Majority of the customers are trying to use Rs 2, 000 notes even for small purchases of Rs 100-200 and we are extremely facing shortage of change, ” mentioned affiliation secretary basic Rajesh Kumar.
“Since we receive and give change received from the customers only, we request and solicit card or digital payment or would request customer cooperation by tendering exact or reasonable note denomination as per their purchase amount at our outlets, ” he mentioned.
Cash funds at gas bunks have surged within the wake of the choice to withdraw notes as increasingly customers are utilizing the notes to purchase petrol and diesel, Kumar mentioned many of the petrol pump house owners “are afraid that we would again face problems as after demonetization in 2016 most dealers received harassment by tax authorities”.
Pointing out additional, he mentioned the every day digital funds that was round 40 per cent have dipped to only 10 per cent and the money gross sales have elevated dramatically.