A shop owner in Ahmedabad’s spice bazaar Madhavpura was left rather amused when cash was stolen from his store. What the shop owner found amusing was that the thieves had left with all of the money, without touching twenty notes with a denomination of Rs 5.
Not just merchants but even thieves are finding Rs5 and Rs10 notes to be a liability due to the lack of acceptance in smaller cities and villages. Among other things, the strong opposition to these currencies is due to the unwillingness of people to accept Rs 2,000 bills.
While there is a rush at the banks to deposit the Rs 2,000 notes, wads of Rs 5, as well as coins of Rs10 and Rs5 are piling up in many residences across the state due to the fact that not only robbers but also merchants are finding them to be a liability. In many restaurants, roadside businesses, and kiosks, as well as with rickshaw drivers, these legitimate forms of payment are not being accepted in parts of the smaller cities and villages.
“Despite the fact that no one is taking Rs 5 notes, we were unable to turn away a frequent customer who had traveled all the way from Mehsana. The very same night, robbers broke into the shop and stole all of the cash, including the coins. “However, these twenty notes were not touched in any way,” the Madhavpura merchant said.
Sanjay Parmar, a social worker who travels throughout Gujarat, had a challenging experience attempting to use a ten rupee coin. “Even the conductors of GSRTC buses heading to Himmatnagar, Dehgam, and other parts of north Gujarat refuse to accept Rs 10 coins,” he claimed. “I noticed that.” “I noticed.” “I noticed.” “I noticed.”
According to bankers, the strong opposition to these currencies is due to persistent rumors that these coins and Rs5 notes will be removed from circulation. These rumors have been spreading quickly.
They also cite the pain of carrying a large quantity of coins, which adds to the weight of wallets and purses, as another reason for this preference.Jayram Desai, a resident of the village of Chorawad in Patan, stated that “if we go to Ahmedabad, we make sure that the Rs. 10 coins are used up in the city itself because no one in our town or the surrounding areas is willing to accept them.” If we are successful in obtaining them, we will keep the coins for our subsequent journey.
“Shopkeepers flatly refuse Rs 5 notes, arguing that nobody accepts them,” said Dev Desai, a social worker in Ghatlodia. “Nobody accepts them.”
The situation is the same in Rajkot; coins worth Rs.10 and Rs.20 are not accepted in stores or by vendors selling food on the street, and rickshaw drivers do not take them either. The banks that are given coins together with notes from the currency chest are obligated to transport these coins to Surat.
“There is a rumor that Rs 10 and Rs 20 coins are not in circulation, and that is why people don’t accept them,” claimed the CEO of Rajkot Commercial Co-operative Bank, Parshottam Pipaliya. The other reason is due to their level of magnitude. Because the designs of these coins are so comparable to those of the Re 1, Rs 2, and Rs 5 coins, people who sell vegetables and drivers of rickshaws are careful not to make any mistakes when returning change.
The unwillingness of people to accept Rs 2,000 bills is also on the rise. In the Lal Gate neighborhood of Surat, a well-known restaurant serving non-vegetarian cuisine has up a notice stating that they will no longer accept Rs. 2,000 notes as payment.
“A number of customers are making payments in Rs 2,000 notes, and we are encountering significant difficulties in providing customers with their change. They will sometimes pay with two thousand rupee notes for something as small as a twenty rupee bottle of cold drink. However, when we offer to give away 2,000 rupees, nobody is willing to take it,” the manager of the eatery remarked.
