1. Government’s scrap of old Rs 1,000 and Rs 500 notes brings electronics grey market to a standstill

Government’s scrap of old Rs 1,000 and Rs 500 notes brings electronics grey market to a standstill

Shopkeepers even though support the government's initiative to counter the black money menace, they believe that the government could have done better with more Rs 100 notes in ATMs

By: | New Delhi | Updated: November 10, 2016 1:18 PM
While poor section of the society take a beating for two days, it those have black money will suffer and that too for days, say shopkeepers. (IPR) While poor section of the society take a beating for two days, it those have black money will suffer and that too for days, say shopkeepers. (IPR)

After the Centre’s decision to scrap old notes of Rs 500 and Rs 1,000, Delhi’s Gaffar market has almost come to a standstill. It is one of national capital’s biggest greay which deals in electronics items. The shopkeepers even though support the government’s initiative to counter the black money menace, they believe that the government could have done better with more Rs 100 notes in ATMs so that business and daily lives would not have taken a hit.

Arjun Singh, who runs an electronics repair and accessories shop in Gaffar market, was quoted as saying by the ‘Hindustan Times’ that if nobody takes the money from them how will tender exact change to consumers and how will shopkeepers except accept payment from customers. Another shopkeeper Ravi Agarwal said that even while small deals are still being done in the market, but large orders are not being accepted currently.

In Nehru Place market, a shopkeeper Saddam Hussain, a laptop and mobile repair shops told the paper that customers have stopped buying electronic items. He also added that there was also no crowd like other days, due to which the daily business in the market have taken a hit. Only those shops that have ard swiping machines are still doing business.

Both Hussain and Singh said cancellation had affected their daily lives. Still they and other shopkeepers expressed their support for government move and said that while poor section of the society take a beating for two days, it those have black money will suffer and that too for days.

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