Domestic, foreign traders accepting demonetised notes at Trade Fair

The 36th India International Trade Fair, inaugurated here on Monday, has become an easy way out for people to use up their demonetised currency of Rs 500 and Rs 1,000 as domestic and even foreign traders are easily and openly accepting payment in the phased-out notes.

“We are accepting all notes. Rs 500, Rs 1,000, Rs 2,000 — all notes. People can buy anything for the full amount of the old currency. However, we cannot give change,” a woman trader at Turkey’s pavilion said. 

The annual IITF is being organised by the India Trade Promotion Organisation (ITPO) of the Ministry of Commerce and Industry and will continue till November 27 at the sprawling Pragati Maidan here. 

Another trader at the Myanmar pavilion, selling precious stones and gems and jewellery, said: “You can pay us anyhow, we are accepting online payments and cash as well. Cash... you can pay in old currency also.”

Asked how will they get it exchanged as the notes have been demonetised, the trader nonchalantly said that he has access to Indian accounts into which he can deposit the cash.

The government had announced demonetisation of Rs 500 and Rs 1,000 currency notes on November 8.