If you are ready to exchange your Rs. 1,000 and Rs. 500 currency notes for a lower value, head straight to Noida.
A number of people who deal in new currency notes have reportedly converted Rs. 1,000 and Rs. 500 currency notes to those of smaller denominations for a commission of up to 40 per cent. The agents are supposedly charging as much as Rs. 200 to convert a Rs. 500 currency note. The police, however, said they had not received any complaint. “We will initiate action if we get complaints,” said Dinesh Yadav, superintendent of police, Noida.
Smaller currency in demand
The Hindu contacted some people who are believed to be dealing in new currency notes, which are used during marriage ceremonies.
“The demand for Rs. 100 and Rs. 50 currency notes has shot up. Many people want to convert bigger currency notes with smaller denominations. We started receiving calls even as the PM’s speech was going on Tuesday,” said a person involved in the business on the condition of anonymity.
“Usually, we give a bundle of Rs. 100 notes after charging an extra Rs. 300 to Rs. 500, but keeping the demand and risk involved in mind, we decided to charge Rs. 40 against Rs 100,” he added.
‘Can convert lakhs’
When asked how big an amount they could convert into Rs. 100 and Rs. 50 currency notes, he said, “We can convert amounts worth lakhs.” He added that risk and confidence were part of the business. “We only deal through channels that we call syndicates,” he said.
Meanwhile, the demonetisation move impacted the health sector in Noida. “My mother is in a private hospital which refused to accept cash. Event the the chemist refused to accept Rs. 1,000 and Rs. 500 notes,” said Alok Singh, a resident.
Even petrol pumps and CNG stations seemed reluctant while heated arguments were reported at the Dasna toll in Ghaziabad and the NH-91 toll in Bulandshahr where toll staff did not accept Rs. 1,000 and Rs. 500 notes.
Carry Rs. 100 notes: thieves
In a bizarre incident, a 35-year-old was thrashed by armed robbers in Greater Noida after they found the now-demonetised notes in his wallet on Tuesday. The incident happened when Vikas Kumar returning home.
Mr. Kumar said, “I left office around 10 p.m. I was walking home when some men on a bike held me at gunpoint and snatched my wallet.”
He added that the criminals returned to slap him after finding only Rs. 1,000 and Rs. 500 notes. “They asked me to carry Rs. 100 notes,” he said. “We have received a complaint,” said a senior police officer.
(The writer is a freelance journalist)
