1. Demonetisation: Are Rs 2,000 notes being sold for over a lakh on eBay?

Demonetisation: Are Rs 2,000 notes being sold for over a lakh on eBay?

Even as people struggle to get their hands on the new Rs 2000 currency notes, they are reportedly being sold on eBay for a premium amount of as much as Rs 1.5 lakh!

By: | Published: November 17, 2016 4:29 PM
2000 currency notes, 2000 currency notes on ebay, selling of 2000 currency notes, selling of 2000 currency notes on ebay The report quoted US-based eBay as saying that it does “not exercise control” on what is listed by independent sellers on its website.

Even as people struggle to get their hands on the new Rs 2000 currency notes, they are reportedly being sold on eBay for a premium amount of as much as Rs 1.5 lakh! Yes, don’t rub your eyes! According to a report in ToI, on Wednesday, the Rs 2000 note was selling for Rs 3,500, in case you made the payment via credit or debit card. But more interestingly, the report states that for those who are superstitious, a seller on the marketplace, is offering the notes that start with ‘786’ for Rs 1.51 lakh! The report quoted US-based eBay as saying that it does “not exercise control” on what is listed by independent sellers on its website. “There have been no successful transaction for Rs 2,000 currency notes,” the spokesperson was quoted as saying. The company, however, is moving to disable access to these listings. This is being done to avoid any legal trouble.

Also check: Demonetisation live blog and updates

If you have rushed to banks to exchange your old Rs 500 and Rs 1000 notes, or have withdrawn money from the branch after demonetisation, chances are that you would have got your hands on the new Rs 2000 note. The new note, with magenta base colour, has a Motif of Mangalayan on the reverse. This is meant to depict India’s first venture into the interplanetary space. The dimension of the banknote is 66 mm × 166 mm. The new note has; see through register with denominational numeral 2000, latent image with denominational numeral 2000, denominational numeral 2000 in Devnagari, micro letters ‘RBI’ and ‘2000’ on the left side of the banknote, portrait of Mahatma Gandhi at the centre, Guarantee Clause, Governor’s signature with Promise Clause and RBI emblem towards right, among other features.

The government today announced that it has lowered the exchange limit for old Rs 500 and Rs 1000 notes to Rs 2,000 instead of Rs 4,500 to avoid misuse. Amidst growing anger over the lack of adequate cash at ATMs, Finance Minister Arun Jaitley sought to assure that around 22,500 ATMs will be re-calibrated today. In total the country has nearly 2 lakh ATMs across banks. The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs 2500 per withdrawal. This will enable dispensing of lower denomination currency notes for about Rs 500 per withdrawal. Other ATMs which are yet to be recalibrated, will continue to dispense Rs 2000 till they are recalibrated.

  1. Dr.T.V.Gopalakrishnan Krishnan
    Nov 17, 2016 at 3:48 pm
    Generation of black money is a culture in India as the old habits of 70 years cannot be easily erased. The Rs 2000 has become very handy and it wont be a surprise those who hold Rs 500 and Rs 1000 demonetised notes can pay a premium and get hold of Rs 2000. Unfortunately many have been given Rs 2000 notes without any checks and this has facilitated this form of exchange. In this connection it would be worthwhile to consider introducing the following.The form prescribed for exchange of notes should incorpoare a column asking for the total number of demonetised notes held by the applicant which would ease the supply of replacements. This would also enable the authorities to keep a watch on the commission agents / middleman who help the black money holders. A notification by the Government / RBI asking the public to disclose their holdings as and when they tender for exchange or deposit the demonetised notes so that the authorities can have some idea as to how much they can expect to surrender from public. This declaration can be made on or before a stited date.
    Reply
    1. S
      sivaramakrishnan
      Nov 17, 2016 at 3:37 pm
      If Shakthi Das is true to his words that "enough money is available with banks, why should he reduce the cap for excange to Rs2000 from Rs 4000.?Currency Exchange is totally manual and not through ATM. So any body holding an account which KYC compliant and has a PAN No attached, What is preventing release as much as needed by the account holder, as money is plenty available with Banks, as per Shakthi Das.Why should we wait for ATM recalibration.? Release to Industries, PSUs , Small industries, as much cash as possible so that the Industries and PSUs, etc will pay 15 days ry by cash to their employees. This will reduce the que in the banks. Banks can breath better. Manhours won't be lost. All such transactions are regularised and there is no possibility for illegal transactions. But , much depends on Shakthi Das being true to his words.
      Reply

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