Hyderabad Banks Experience Low Demand for Exchange of Rs 2,000 Notes

Traders in the Begum Bazar area of Hyderabad are accepting Rs 2,000 notes despite the Reserve Bank of India announcing their withdrawal. The traders have put up signs to reassure customers and have said they will deposit the notes in the bank and exchange them for other currency. They also said they were not concerned as they did not have black money. The move has not caused the chaos seen after demonetisation was announced. Banks have not experienced a rush to exchange the notes and there were few customers at branches. Banks require customers depositing more than INR50,000 ($780) to submit their PAN card details.