The Confederation of West Bengal Trade Associations, representing over 5,000 members, has reached out to the Reserve Bank of India (RBI) seeking guidance on a potential issue faced by retail establishments, according to the Times Of India report. The concern arises from the significant number of 2,000-rupee notes possessed by these establishments, which may lead to undue scrutiny or questions when depositing them into their bank accounts.
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The report added that the trade association has also requested the RBI’s guidance on protocols and directions to be followed while handling transactions involving 2,000-rupee denominations. This appeal comes after the RBI’s decision in May to withdraw the 2,000-rupee note from circulation, although it remains legal tender beyond the September 30 deadline. The central bank had initially stated that note holders could exchange them at banks until September 30.
The announcement of the withdrawal had prompted a rush among consumers to utilize their 2,000-rupee notes at various establishments, including fuel pumps and high-end bars. Jewellery stores and retailers of white goods, such as domestic electrical appliances, have also continued to accept these notes.
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As a result, numerous sales transactions now involve customers paying with 2,000-rupee notes, creating a situation where many traders possess a considerable number of these notes that they will eventually need to deposit in banks. However, traders have expressed concerns about the detailed information required by some private banks when depositing these notes. They fear that this information could potentially be used against them in the future.
The trade association’s plea to the RBI highlights the need for clarity and guidance to ensure that traders are not subjected to unwarranted scrutiny or face potential repercussions when depositing their 2,000-rupee notes.
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Their request emphasizes the importance of addressing the existing situation and providing clear protocols to safeguard the interests of retail establishments and traders in the region.
