The city woke to Wednesday morning that was very different from any other day. All those who had Rs. 500 or Rs. 1,000 currencies did not know what to do with it and there was a clamour for Rs. 100 notes. Offices, retailers, restaurants, and even government offices put out notices saying currencies of Rs. 500 and Rs. 1,000 denominations will not be accepted.
Tamil Nadu State Transport Corporation had reportedly issued an early-morning circular instructing bus conductors not to accept currencies of Rs. 500 and Rs. 1000 denominations from passengers. “We had no other choice but to turn away several passengers. We are facing a severe crunch of currencies of smaller denominations,” a conductor at the Gandhipuram Mofussil Bus Stand said. Most of the ‘top of the line’ restaurants brought down the minimum threshold transaction value to Rs. 25 from the usual Rs. 150 or upwards for making debit/credit card payments. Even for a meal token for Rs. 90 or Rs. 100, customers had a choice to pay by card. Some put up a notice saying Rs. 500 or Rs. 1,000 notes will not be accepted. Such signs were noticed in front of the payment counters of government offices too.
As grocery shops refused to accept denominations higher than Rs. 100, the public turned to medical shops and fuel retailers. However, fuel stations, too, turned away customers who were not in a position to pay exact money for the billing. The petrol bunks did accept the currencies of the two denominations, with a condition that customers purchase fuel for the entire value. There were instances of two-wheeler riders going in groups to the petrol bunks to fill their vehicle tanks. Some motorists chose to take plastic cans along with their two-wheelers to fill extra fuel for the total value of Rs. 500. However, not everything went haywires for the public. At an auto stand in Gandhipuram, drivers played samaritans by unanimously deciding to ferry on credit regular customers who did not have the exact change.
The wholesale vegetable markets in the city also accepted Rs. 500 and Rs. 1,000 notes from their buyers. “It was absolutely no business when we opened shops on Thursday morning. However, we decided that we would take the Rs. 500 and Rs. 1,000 notes from our buyers and deposit the amount in the banks on Thursday,” said M. Rajendran, president of Thyagi Kumaran Market Vegetable Merchants’ Association.
The Coimbatore Compressor Industries Association welcomed the decision and said the public and small businesses should bear the problems that they would incur for the next few days. The Coimbatore and Tirupur District Micro and Cottage Enterpreneurs’ Association president S. Ravikumar said the government should reconsider its decision to release Rs. 2,000 denomination notes and should ensure adequate availability of Rs. 50, Rs. 100 and Rs. 500 denomination currencies.
The Kovai Power Driven Pumps and Spares Manufacturers’ Association said the government had taken a decision without considering the problems that would be faced by the economically weaker section. According to J. James, president of Tamil Nadu Association of Cottage and Tiny Enterprises, micro units were hit in the last 24 hours and there was no clarity on how bank transactions would be for the next few days.
