Rs 400 for your Rs 500! Agents offer small notes with big cuts

November 10, 2016 08:01

Currency agents, who supply small denomination notes to traders and other retail businesses, said that the demand for Rs 10, 20, 50 and 100 has gone up manifold ever since Prime Minister Narendra Modi made the announcement to demonetize Rs 500, and Rs 1,000 notes.

A currency changer at Khari Baoli -- the largest wholesale spice market in Asia -- said that they have raised their rates as demand has soared.

Many traders from Khan Market and Karol Bagh have already bought the bundles of notes we had. We are now short of Rs 100 notes," said the note changer. He is now giving back only Rs 400 for a Rs 500 note as against Rs 480 earlier.

Mahesh Jain, a tout, in a small shop near Fatehpuri Mosque, said he has been exchanging old notes for the past 40 years. He said he will now buy Rs 500 notes for only Rs 300. "I have increased the rate as I don't have enough notes left. I have stopped taking Rs 1,000 notes as I have only 20-odd Rs 100 notes left," he said.

« Back to LIVE

TOP STORIES

IPL: 'A break could do wonders for fatigued Rohit'

Former Australia captain Michael Clarke said Rohit Sharma needs to take a break to freshen up ahead of the T20 World Cup next month.

'Be Prepared For Fame And Blame'

Nivin Pauly is very proud of his latest release, Malayalee From India.

What A Catch!

In the 55^th match of the ongoing season, there were a couple of crucial catches which changed the ebbs and flows of the game.

No relief for Kejriwal; SC puts off bail plea hearing

The bench has divided the hearing on Kejriwal's petition against his arrest into two parts. His main petition challenges his arrest by the ED and seeks it to be declared as illegal, while the second aspect pertains to grant of interim...

Dhoni Plays Through Pain

'We are virtually playing with our 'B' team. Those who are criticising Dhoni don't know the sacrifice that he is doing for this team.'