New Delhi: The All India Petroleum Dealers Association (AIPDA), which represents petroleum dealers nationwide, has said that RBI’s decision to withdraw the Rs 2,000 note has created the same difficult situation that the demonetisation drive did in November, 2016.
In a press note released on Monday, the association pointed out that customers are trying to use the soon-to-be withdrawn note even for small transactions, causing a shortage of change at petrol pumps all over the country.
AIPDA President Ajay Bansal, in the note, said that the number of cash transactions involving the Rs 2,000 note has increased since its withdrawal was announced. “Before this Rs 2,000 withdrawal we used to receive only 10% of our cash sale through the Rs 2,000 note but now almost 90% of cash received at our outlets is in the form of Rs 2,000 notes only,” the press release read.
The association also expressed concerns over potential income tax notices and raids due to increased sales during this period. “We are afraid that we would face the same problems in the current scenario that we faced after demonetisation when most dealers received Income Tax Notices for no fault of their own,” it said in the statement.
Before the announcement to withdraw the Rs 2,000 note, nearly 40% of their daily sales happened through digital transactions that have now declined to a mere 10% as customers are ‘desperately’ trying to use the Rs 2,000 note, AIPDA said.
The association requested for people’s cooperation and urged customers to understand petrol dealers’ limited ability to meet the demand for change. It also asked the RBI to supply smaller currency at petrol pumps across the country to ensure their smooth functioning.