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    * [13]India (BUTTON)

From mangoes to luxury watches, Indians look to offload 2,000-rupee notes

  By [14]Siddhi Nayak (BUTTON)
  and [15]Nikunj Ohri (BUTTON)
  May 23, 20236:37 PM UTCUpdated ago
  A cashier displays 2000 Indian rupee banknotes inside a bank in Jammu
  A cashier displays 2000 Indian rupee banknotes inside a bank in Jammu,
  November 15, 2016. REUTERS/Mukesh Gupta
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  MUMBAI/NEW DELHI, May 23 (Reuters) - Indians are stepping up purchases
  of daily essentials, and even premium branded goods, using the
  soon-to-be-withdrawn 2,000-rupee ($24.46) notes as they aim to sidestep
  the need to exchange or deposit them at banks.

  The Indian central bank announced on Friday the country's largest
  denomination note will be withdrawn from circulation by the end of
  September. While it did not specify the reason for the move, it comes
  ahead of state and general elections in the country when, [16]analysts
  said, cash usage typically spikes, often in unaccounted deals.

  The currency exchange is expected to be far less disruptive than a 2016
  move to [17]demonetise 86% of the country's currency in circulation
  overnight.

  Since the weekend, people have thronged outlets to spend using the
  2000-rupee note to avoid the hassle of queuing up at banks to exchange
  them or invite scrutiny from the tax department by depositing large
  sums.

  Indian shops, for their part, eagerly accepted the note, using it as an
  opportunity to increase sales, several of them said on Tuesday, the
  first day the exchange was allowed.

  "A lot of people are using 2,000-rupee notes to pay for mangoes since
  Saturday," said Mohammad Azhar, 30, a mango seller near the Crawford
  Market area in India's financial capital of Mumbai.

  "On a daily basis, I get 8-10 notes now. I accept it. I have no option,
  it's my business. I will deposit everything at once before Sept. 30.
  There is no fear since the note is valid."

  Michael Martis, store manager at a Rado store in a mall in central
  Mumbai, said his store had seen a 60%-70% increase in 2000-rupee notes
  since the withdrawal was announced.

  "That has increased our watch sales to 3-4 pieces per day from 1-2
  previously," said Martis.

  Food delivery firm Zomato [18](ZOMT.NS) said on its Twitter account on
  Monday that 72% of the "cash on delivery" orders were paid in
  2,000-rupee notes since Friday. However, the company spokesperson
  clarified in response to a query seeking details that the tweet was in
  made jest and was not factual. The company refused to provide actual
  numbers.

  Not all shop-owners were keen to accept the notes.

  "I don't accept; I won't accept. I don't want to get into the trouble
  of depositing it with my bank," said a restaurant owner in South
  Mumbai.

  Unlike in 2016, when customers rushed to banks to exchange the scrapped
  currency notes, bank branches in Mumbai and New Delhi were mostly quiet
  with a handful of people standing in queues.

  Maximum crowds were seen at counters of India's largest lender, State
  Bank of India [19](SBI.NS), as the bank chose not to ask for any
  documentation for exchange of up to the maximum allowed 20,000 rupees
  at one time.

  ($1 = 81.7800 Indian rupees)
  Writing by Swati Bhat; Editing by Muralikumar Anantharaman
  (BUTTON)
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  Our Standards: [20]The Thomson Reuters Trust Principles.

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