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Demonetisation of Rs. 500 and Rs. 1000: Bank employees getting offer of 20% cut

Businessmen have started calling bank cashiers to exchange old notes for a small commission.

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The Modi government’s decision to demonetise currency notes of Rs. 500 and Rs. 1,000 has evoked mixed reactions from citizens. On one hand, people lauded the government’s decision of crackdown on illegal hoarding of black money on the other hand citizens had to face huge hardships as many of them were running short of cash after shops and business establishments stopped accepting currency notes of high denominations. However, some businessmen have turned this crisis into an opportunity and have started approaching bank cashiers to exchange old notes for a small commission.

Bankers in the city are receiving calls from business men for converting old currency with a new one with a nice cut for them thrown in.

“I was offered a flat twenty per cent cut for exchanging old notes with new one. After the government’s decision to eliminate Rs. 500 and Rs. 1000 people are worried. Many of them have started approaching their friends and relatives to lend money for them until the arrival of new currency in the market,” said a banker on the condition of anonymity.

Businessmen are planning to deposit money with the banker and withdraw 80 per cent of the money after sometime and the balance amount of 20% will be retained by the banker as a facilitation fee.

“The shortage of notes has affected people and they are rethinking twice before purchasing any commodity. Demonetisation of currencies of higher denomination also had a huge impact on day to day business activities. People have postponed their purchase decisions due to shortage of cash. Large number of customers is expected to visit banks for replacing old notes,” said cashier of a PSU bank.

Though, Rs. 1,000 notes have ceased to be legal tender, enterprising businessmen in Zaveri Bazar are offering to exchange these notes with Rs.  500 to Rs 600 in return. The balance would remain as the cut for these “service providers”.

People had gathered outside ATMs in large numbers for withdrawing money. While some customers were requesting hotels to accept currency notes of Rs. 500. Even netizens took to social media for commenting about the demonetisation of higher denomination notes. Farmers were also afraid that they might lose out on sowing time, since their previous payments had been made to them and the new regime might take some time to stabilise.

Meanwhile banks will remain open for public on Saturday (November 12) and Sunday (November 13) for allowing people to exchange Rs. 500 and Rs. 1,000 which have been declared invalid.

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