Cooking gas distributors and petrol bunk dealers are not ruling out the possibility of more customers making payment in ₹2,000 notes, which the RBI on May 19 said were being withdrawn, for their purchases in the days ahead.
Both the LPG and petroleum trade, however, seem to have decided to play it safe this time with memories still fresh on how many faced the heat of the Income Tax department and banks too, after accepting the demonetised ₹500 and ₹1,000 notes in 2016, in spite of being permitted by the government.
Though the RBI communication is clear on how the ₹2,000 notes will remain legal tender and they can be deposited or exchanged at banks till September 30, the trade leaders feel it is better to watch out as the risk of them becoming conduit could not be ruled out. It happened in 2016 when some ended up having more than usual number of the demonetised currency notes in their daily collections.
“We will rather wait for instructions on accepting ₹2,000 notes from customers here onwards like the permission [to accept] the government gave during demonetisation in 2016,” an LPG association leader in Hyderabad said.
Sources among cooking gas distributors in Chennai recalled how time and resources of some of the LPG agencies were spent dealing with the queries and notices issued by Income Tax department.
Telangana Petroleum Dealers’ Association leader M. Amarender Reddy said though it may continue to be a legal tender, the ₹2,000 notes are unlikely to be accepted by many petrol bunks for the fear of what may be in store later.
Be it LPG distributors or petroleum dealers, a positive this time is the limited number of ₹2,000 notes in circulation. Their share in the daily collections have been on the decline in the last 8-12 months, they said.
