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Pink wads crawl out of woodwork amid the rush to dump Rs 2,000 notes

Surge in demand for gold, victuals, even as most sellers across the country decide not to argue with purchasers and accept Rs 2,000 notes

BS Reporters Kolkata | Chennai | New Delhi | Bengaluru | Mumbai

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6 min read Last Updated : May 21 2023 | 6:49 PM IST

Wads of Rs 2,000 notes have been rushing in at Posta Bazar, North Kolkata, one of the largest wholesale markets for perishable commodities in east India, since the Reserve Bank of India (RBI) announced its withdrawal from circulation on Friday.

In the half day that it was open on Saturday, retailers turned up with only pink notes. Niraj Agarwal of Shree Shiv Oil & Pulses, one of the bigger wholesalers in Posta Bazar, said. “Some even want to make early payments and settle the account but in Rs 2,000 notes.”

The cash transactions in Posta Bazar are large and the credit period ranges between 15 days and one month. The market supplies a range of products from edible oil, salt, cereals and spices and food grains to roughly 30 per cent of West Bengal. And wholesalers here are expecting more of the pink notes in the days to come.