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The Hindu
The Hindu
National
The Hindu Bureau

Do not turn away customers who pay using ₹2000 notes: Consortium of Indian Petroleum Dealers

 

The Consortium of Indian Petroleum Dealers (CIPD), a body representing over 60,000 fuel outlets across the country, has urged dealers not to turn away customers who pay using ₹2,000 notes and, instead, handle them on a case-by-case basis to avoid complaints.

This follows reports of a large section of dealers refusing to accept the notes following the recent RBI notification that seeks withdrawal of ₹2,000 notes from circulation. In a statement, the CIPD said fuel outlets should inform the customers that ₹2,000 notes would be accepted only if the transaction was above ₹1000 since they may be unable to provide change for the amount.

Due to digitisation, the volume of cash transactions in a majority of retail outlets has reduced. Dealers should maintain KYC records of those customers who pay only in ₹2,000 notes in excess of ₹10,000, it said.

Dealers should not deposit cash above their daily transacted business value. If cash higher than their daily transacted value are deposited in banks, especially in ₹2,000 denomination, there will be scrutiny by the Income Tax (I-T) Department. Hence, dealers should be watchful about depositing ₹2,000 notes above their normal daily average deposit limit, it added.

The Consortium has also taken up the issue with the State-run oil marketing companies about the sensitivity of the RBI order, considering the scrutiny faced by many dealers from the I-T Department after the demonetisation in 2016.  

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