Phone retailers cash in on note withdrawal as sales show uptick

New Delhi: Smartphone retailers across the country are seeing a surge in enquiries since the Reserve Bank of India announced withdrawal of Rs 2,000 banknotes, with some retailers reporting 10-11% rise in sales primarily through cash transactions.

Some retailers are offering discounts and putting out flyers and posters detailing the number of Rs 2,000 notes needed to buy the latest premium handsets to use it as an opportunity to boost sales at a time when overall demand for smartphones has been tepid.

The central bank had on May 20 announced withdrawal of Rs 2,000 notes from circulation and urged the public to deposit or exchange the notes at bank branches by September 30.