Common Mumbaikars at the fore on Day 1 of Rs 2,000 note phase-out

There were no chaotic scenes in the city on Day 1 of the period during which citizens can deposit or exchange Rs 2000 notes in the wake of the RBIrsquos announcement regarding their withdrawal on May 19 At various banks on Tuesday there was neither a rush nor were large amounts of notes deposited though some confusion and arguments related to processes were seenCitizens deposit notes at the ICICI Bank branch in Vile Parle East on Tuesday PicAishwarya DeodharThe majority of those who came to deposit their notes were small and big businessmen as well as regular citizens Sources said many citizens were also exchanging gold biscuits at jewellery stores but the situation seemed under control unlike in 2016 when demonetisation was implemented as the Rs 2000 notes are being slowly phased out Citizens have until September 30 to exchange or deposit the notes at the bank of their choiceAlso Read Exchange of Rs 2000 notes starts Heres all you may need to knowlsquoNo stressrsquoMulund businessman Pravin Gupta said the exercise was largely stressfree ldquoWe have not faced any problems so far There is adequate time till September and it doesnrsquot seem like there will be any problem in the future eitherrdquo he said A Ghatkopar resident who had withdrawn R4 lakh ahead of a wedding in the family said he is trying to spend off most of the notes at the earliest ldquoI had withdrawn Rs 4 lakh just a day before the RBI announcement The wedding is on June 12 and we will be able to use up all the money by thenrdquo he said on the condition of anonymityNo queue is seen outside the Standard Chartered Bank in Andheri on Tuesday PicSameer MarkandeAnother citizen Zarna Shah said ldquoI was able to deposit Rs 6000 in Rs 2000 denomination at HDFC Bankrsquos Lokhandwala branch without a fuss and it was in 10 minutes flatrdquo A businessman from Dadar said ldquoI had an argument with bank staffers as there was some confusion They thought I did not have an account with their bank when the case was that I did not have an account with that particular branch The branch then accepted the notes without me having to fill a KYC or provide other detailsrdquolsquoBank staff are helpfulrsquoMost banks in Dahisar and Borivli were relatively empty on Tuesday Staff members said that only a small number of people had come to exchange or deposit notes and the sums in question were not colossal K Vishwanath a resident of Avdhut Nagar visited the Dahisar branch of the State Bank of India SBI to deposit three Rs 2000 notes ldquoI was gifted these notes by relatives at my wedding in November last year They had been lying around the house When I learned that the RBI had decided to withdraw the notes I opted to exchange the cash The bank employees have been extremely cooperativerdquo he saidlsquoProcess is hasslefreersquoWhen midday visited banks in Andheri West and Goregaon it was business as usual There were no long queues at the Lokhandwala branches of HDFC Bank IndusInd Bank Kotak Mahindra RBL Yes Bank Jammu amp Kashmir Bank Standard Chartered ICICI Bank and Saraswat Cooperative Bank At one bank an employee who requested anonymity said very few people had come to exchange notes and it is only when the deadline approaches that crowding might occurIt was just another day at the Dhanlaxmi Bank branch in Goregaon West on Tuesday PicSameer MarkandeSeventyyearold Sunita Rane managed to deposit Rs 40000 in 20 notes at the Juhu Galli branch of Syndicate Bank ldquoIt was a hasslefree process and after standing in a queue I was able to deposit all the money without any issues The whole thing took 20 minutesrdquo she said Calmness also prevailed at various branches at Goregaon West including those of SBI Axis Bank Bharat Bank Bank of India South Indian Bank Dhanlaxmi Bank and HDFC Bank A bank employee told this reporter that people were using ATMs to deposit their noteslsquoYou must accept all notesrsquoA circular issued by the president of the Federation of Retail Welfare Association read ldquoNo need to panic about receiving Rs 2000 notes No shops should refuse customers handing over these notes Mind you this will only affect those who are holding large amounts of black money in Rs 2000 notes At the retail level we all should be accepting Rs 2000 notes without arguments as we have to deposit them in the bankrdquoViren Shah president Federation of Retail Traders Welfare Association FRTWA stated ldquoThis will affect those who pay large amounts of cash in dealing In the next few months retailers will see more Rs 2000 notes being circulated than digital payments especially from those who have saved such notesrdquoFRTWA members have been advised to check the watermark on every Rs 2000 note in order to avoid getting duped A note issued to them reads ldquoCheck the watermark an embedded image that is visible when held against the light Examine the watermark of Mahatma Gandhirsquos image and the denomination of the note If the watermark is missing or blurry the note is likely a fakerdquo 19 MayDay RBI announced moveSept 30Last day for depositing notes