Big Bazaar seizes the currency opportunity, keeps stores open

big-bazaarFuture Group has decided to keep its Big Bazaar supermarket open till midnight today.

“We are getting a lot of enquiries from customers… so we’ve decided to keep it open till about 11:50 PM,” Kishore Biyani, chairman of Future Group told the media.

Though it is being portrayed as a measure of convenience for customers who may not be able to buy provisions tomorrow, it will also create extra footfalls and revenue for the company.

Under the rules announced by Prime Minister Narendra Modi at around 8 PM today, 500 and 1000 rupee notes will cease to be legal tender from 12 midnight.

In addition, banks and ATMs will not work tomorrow (Wednesday.)

In other words, if you need to buy something and all you have is cash in 500 and 1000 rupee denominations, you will have to try to convert the notes into lower denominations from third parties tomorrow.

However, with the stores remaining open till 11:50, people who want provisions urgently can buy them today itself.

The cash so collected by Big Bazaar and other outlets will be changed into the new notes by banks starting day after tomorrow.