Cash sales at jewellery shops spike as customers use 2,000 notes

COIMBATORE: After the Reserve Bank of India announced withdrawal of 2,000 currency notes from circulation on Friday, more people have started using the notes to buy gold, jewellers in the city said.
People had saved the notes to purchase gold for festivals or marriages, the manager of a jewellery showroom said. "As much as 10 to 20% of our consumers are paying using the currency.They are genuine customers. Due to this, we are getting more 2,000 notes," he told TOI.
B Muthu Venkatraman, president Coimbatore Jewellery Manufacturers Association, said the association had instructed the members to accept the notes. "Jewellers can collect details of the customers along with serial numbers of the notes as they may be required to furnish them in future," he said.
But the trend was not visible in restaurants. Rajan Jayaraman, managing director of Valarmathi Restaurant, said though there was no inflow of 2,000 notes, he had instructed employees not to turn them down. "RBI has made it clear it will continue to be legal tender. However, it would be a difficult task to find change if customers give a 2,000 note for 100 or 200 bill."
Meanwhile, Tasmac employees are advising customers not to use the notes to buy liquor. "We have received a communication from district managers not to receive 2,000 notes. We were told not to deposit them in banks," an employee said.
Although minister for prohibition and excise V Senthil Balaji had clarified that Tasmac employees will continue to accept the notes, there has not been any communication from officials. "We mostly turn down 2,000 notes. The notes received due to unavoidable situations will be deposited in our own account. We will deposit the collections in other denominations," he added.