It’s almost a month since the government announced the demonetisation of Rs 500 and Rs 1,000 notes and traders of Chandni Chowk, New Delhi are facing some severe issues post the cash ban move. The newly introduced Rs 2,000 notes have turned out to be a villain across Delhi’s wholesale market. Traders are furious as the their businesses have gone down by around 70 per cent. Both jewellery and the cloth market have experienced a significant dip in the business and the market association claims it to be the worse phase.
Sanjay Bhargava, a member of the Market Association said that demonetisation has really affected the Chandni Chowk market at a very large extent. Sales have gone down over 70 per cent. Wholesale has been effected as the traders are not buying because they have no customers, reports CNBC- TV18 News. Even retailers are not doing business because plastic money is less prevalent in this part of the city. The unavailability of Rs 500 note has really affected businesses.
Another trader expressed his grief over the downfall of sales during the festive season blaming the demonetisation move for ruining the wedding season sales. Labourers are going back to their home due to unavailability of cash. Only Rs 2,000 note is in circulation and this is causing a big setback for these markets. However, they are supporting PM Narendra Modi’s anti-black money move, but they also say that better planning could have done. They are facing trouble due to the cash crunch, but if they say anything against the government’s move they would be considered anti-national.
In a recently conducted survey on consumer spending, it was clear that people have planned to cut short their expenses in the coming weeks due to the limited availability of cash and the uncertainty of things getting back to normal.