5 Unique Ways How People Are Getting Rid Of ₹2000 Note

On 19th May 2023, the Reserve Bank of India (RBI) decided it will withdraw the 2000 denomination banknote from circulation. To say that it has created a huge roar and sudden alarm would not be so wrong. This act is receiving a lot of mixed reactions. While one group of people is happy with the decision the other is busy getting rid of their bundles of 2000 Rs note.

The RBI has asked all the banks to provide deposit and/or exchange facilities for Rs 2000 banknotes till 30th September 2023. Will it help to curb black money or not? It is indeed a matter of huge contention.

However, let us drive into how people with an abundance of 2000 Rs notes are getting rid of it,

1. Buying Gold

Back in 2016 Jewellers started receiving more inquiries for gold because of the withdrawal of Rs 500 and 1000 banknotes. The same is happening in 2023 as the Rs 2000 banknotes are being withdrawn. As per the reports of Rajesh Bhayani published in Business Standard, buying of gold in exchange for Rs 2000 banknote has started since 19th May itself.

10 grams of gold which was originally worth Rs 62-63 thousand is now being sold for 70-75 thousand. Why? Because of the greater circulation of Rs 2000 note. However, the only difference is that unlike in 2016 there is no such panic this time because of the 4 months deadline.

2. Exchanging Rupees To Dollars

According to the report of Rajesh Bhayani, it is also revealed that Rs 2000 banknotes are also being used in Hawala Karobaari – meaning money transfer method – which takes place outside the traditional banking system. On 19th May the price of 1 US Dollar in Hawala trading was 85 Rupees and 50 Paise.

However, it has increased to 87-88 Rupees per US dollar after the increased circulation of the Rs 2000 note. As per Business Standard, the current rate of Hawala trade is about 91 Rupees per US dollar.

3. Paying 4 Sessions of School Fees In Cash

You would be astounded to note that many parents in Delhi NCR are willing to pay their children’s fees for up to 4 sessions. However, the catch is that they all want to pay it in cash. Any guesses why? Well of course to get rid of their abundance of Rs 2000 notes. Interestingly, the school authorities have not complied with this totally. They have allowed parents to pay up to 1 session’s fees only. Many fee counters of Delhi NCR schools are reopening on the 20th and 21st of May.

4. Buying Petrol

In order to use and thereby get rid of Rs 2000 notes people are using them to buy petrol. However, the amusing thing is that they are using Rs 2000 notes to buy petrol worth Rs 200. Now, consequently, many petrol pump owners have put up a notice that if you come up with Rs 2000 notes to get petrol it is mandatory to buy petrol worth at least Rs 1000. Sounds fair? Absolutely.

5. Opting For Cash On Delivery

People are resorting to online food delivery apps as well. How? Well, they are ordering food in cash on delivery and paying in Rs 2000 notes only. Recently, popular online food delivery platform Zomato shared that 72% of their cash on delivery orders were made in Rs 2000 notes.

since friday, 72% of our cash on delivery orders were paid in ₹2000 notes pic.twitter.com/jO6a4F2iI7

— zomato (@zomato) May 22, 2023

Are you aware of any other alternatives being used by people to use and thereby get rid of the Rs 2000 banknotes? If yes, do share them via the comments below.

Also read: This Is What Happened To The Old 500 & 1000 Rupee Notes After Demonetisation