Punjab fuel stations are receiving additional Rs. 2000 notes.
After the decision to withdraw Rs 2,000 banknotes, petrol pump owners in Punjab are now receiving almost 90% of their daily cash in the form of Rs 2,000. according to the Punjab Petroleum Dealers Association.
Prior to the withdrawal, they used to receive only 10% of their daily cash in this denomination. The association has called on the Reserve Bank of India (RBI) to issue guidelines to banks to provide sufficient smaller denomination notes.
They are facing a shortage of change as customers are attempting to use Rs 2,000 even for small purchases of Rs 100-200. The association urges customers to consider digital or card payments or to tender exact or reasonable note denominations for their purchases.
The withdrawal of the Rs 2,000 has resulted in a surge in cash payments at fuel stations, and the association is concerned about potential problems with tax authorities, similar to what occurred during the demonetization drive in 2016.
Additionally, the percentage of daily digital payments has dropped from 40% to 10% while cash sales have increased significantly.