Fuel, jewellery and daily groceries are the top three preferred items for people to offload their Rs 2,000 currency notes post the RBI's announcement of withdrawing the currency note from circulation, revealed a new survey.
The pan-India survey, conducted by location-based social network Public App, also found out that a whopping 55% of people are planning to deposit their currency notes at the bank, while 23% and 22% are planning to spend them and get them exchanged, respectively.
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
The Reserve Bank of India on May 19 made a surprise announcement of the withdrawal of Rs 2,000 currency notes but gave the public time till Sept. 30 to either deposit the Rs 2,000 notes in accounts or exchange them at banks.
In about two weeks, almost half of the Rs 2,000 currency notes in circulation, worth around Rs 1.8 lakh crore, came back to the banking system, the RBI informed recently.
The poll results, shedding light on the citizens' perspective and providing valuable insights into their experiences during this transition, are based on over one lakh responses across 22 states.
"In a bid to spend their Rs 2,000 currency notes, people are spending available cash on petrol and diesel, gold and jewellery, and daily groceries," said the survey.
When asked if they were facing issues while getting their notes exchanged, according to the survey, 61 per cent claimed they encountered no difficulty in the process.
It was easiest in Kerala (75%), followed by Andhra Pradesh (53%) and Tamil Nadu (50%).
"But, 42% of the respondents faced rejection from the local Public while using Rs 2,000 Banknotes despite the deadline," it said.
It also noted that where 51% of respondents are of the opinion that the government should have given them more time to exchange their Rs. 2,000 notes, 44% of them complained that the exchange of notes should have been higher than Rs 20,000.
People can deposit the Rs 2,000 currency note or exchange it with lower denomination currency but the exchange is allowed up to Rs 20,000 at a time.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.