1. People throng petrol pumps for encashing Rs 500, Rs 1000 notes in Patna

People throng petrol pumps for encashing Rs 500, Rs 1000 notes in Patna

Long queue of vehicles could be seen at petrol pumps across Bihar to encash Rs 1,000 and Rs 500 notes while markets witnessed depressed sale and purchase in the wake of Centre's decision to withdraw higher denomination currency.

By: | Patna | Updated: November 9, 2016 5:06 PM
(Reuters) All petrol pumps in Patna were flooded with vehicles for panic buying of fuel and also with an intent to encash Rs 1,000 and Rs 500 notes. (Source: Reuters)

Long queue of vehicles could be seen at petrol pumps across Bihar to encash Rs 1,000 and Rs 500 notes while markets witnessed depressed sale and purchase in the wake of Centre’s decision to withdraw higher denomination currency.

All petrol pumps in Patna were flooded with vehicles for panic buying of fuel and also with an intent to encash Rs 1,000 and Rs 500 notes.The officials of petrol pumps were accepting Rs 1,000 and Rs 500 notes but asking buyers to purchase fuel worth that amount.

“What can I do, some people are asking for petrol worth Rs 100 and giving us Rs 1,000 and Rs 500 notes so that they can get back Rs 100 notes. We have limited notes of Rs 100 and lower denominations and hence asking buyers to purchase fuel worth Rs 1,000 and Rs 500 notes,” a petrol pump official at busy Boring road here said.In Nalanda, policemen have been deployed at petrol pumps to prevent outbreak of any clashes.

There has been report of inconvenience faced at toll plaza at Express way from Patna to Bakhtiyarpur where Rs 1,000 and Rs 500 notes were being given by vehicle owners in expectation of exchange in lower denomination currency.

Retail and wholesale markets saw depressed trading over non-use of Rs 1,000 and Rs 500 notes and shortage of cash of lower denominations and also closure of banks.Reports from districts echoed similar situation.A report from Muzaffarpur said that trading was at lower side in wholesale clothes market Suttapatti due to inoperation of Rs 1,000 and Rs 500 notes.

In Begusarai, Bhagalpur, Darbhanga and Hajipur, long queue of vehicles were witnessed at all petrol pumps often leading to heated exchange over return of notes of small denomination against payment of Rs 1,000 and Rs 500 currency.

In the state capital, attendants had a verbal duel with officials at Patna Medical College and Hospital (PMCH) over for not accepting Rs 1,000 and Rs 500 notes due to shortage of change.

“There was some problem initially as cash counters faced problem returning change against payment of Rs 1,000 and Rs 500 even for a small sum of deposit,” PMCH Principal S N Sinha told PTI.”I myself visited the cash counters and instructed officials not to deny accepting Rs 1,000 and Rs 500 notes,” he said.

There have been reports of inconvenience faced at cremation centres in Gaya and elsewhere over refusal to accept Rs 1,000 and Rs 500 currency.

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