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Trading activity crippled in city
Trading activity in the city crippled on Wednesday due to cancellation of the higher denomination notes as traders refused to take Rs 500 and Rs 1,000 denomination notes.
Vijayawada: Trading activity in the city crippled on Wednesday due to cancellation of the higher denomination notes as traders refused to take Rs 500 and Rs 1,000 denomination notes. They are suffered due to lack of Rs 100 denomination notes. Most of the shops in Beasant Road, One town, Eluru Road and MG Road remained without customers.
Some traders, who have Rs 100 notes have taken the advantage and took 20 per cent as commission from customers. They were taking Rs 2,000 as commission for receiving an amount of Rs 10,000 which comprised Rs 500 and Rs 1,000 notes. But, many shops, including grocery shops, cloth showrooms and gold shops, had no customers on Wednesday.
Managers of a prominent cloth and gold showroom at Besant Road in Vijayawada were shocked when a person requested them to give gold by taking Rs 500 and Rs 1,000 notes. The managers refused his request and sent him immediately from the shop.
Daily wage worker B Babji suffered many problems on Wednesday as traders and hoteliers refused to take Rs 500 note.
“I begged so many hoteliers and petty vendors to serve breakfast and take money, but no one agreed to take,” he added. In spite of having money, I could not eat anything till evening, he rued. Like Babji, lakhs of people in and around Vijayawada suffered as traders refused to take the Rs 500 and Rs 1000 currency notes.
Interestingly, many people asked for the hand loan of Rs 100 or Rs 200 from the friends and coworkers to meet urgent needs.
Petrol bunk owners demanded motorists to take Rs 500 petrol. M Prasada Rao of Vijayawada said that people are invariably forced to unnecessary consumption and they were not able to fulfil their real needs. “Poor and middle class are the biggest sufferers by the Union government action,” he said.
Transactions in the biggest Rythu Bazar in the district, Swaraj ground Rythu Bazar diminished as traders refused to take Rs 500 rupees notes. Transactions decreased by 50 percent in the Rythu Bazar where the turnover is around RS 25 lakhs per day.
