Millennium Post

Paucity of small denomination notes continues in state

Acute crisis of lower denomination notes left both traders and common people in deep trouble on the third Sunday after the Centre demonetised Rs 500 and Rs 1,000 notes.

Even after 19 days of Prime Minister Narendra Modi’s announcement of demonetisation of notes, the people are still suffering as they need to run from one ATM to another or have to stand in long queues outside banks.

Despite of spending hours to withdraw money from their accounts, people are not getting sufficient amount of cash. Another problem that has cropped up is the Rs 2,000 notes. Small traders are suffering heavy losses as most people were coming with Rs 2,000 notes to buy goods worth Rs 50 to Rs 100.

“It is not possible to give change of the note if someone buys something that is worth so less. So we are not selling goods to such customers and are incurring loss,” said a grocer, Haripada Jana.

Usually, vegetable and fish traders expect good business on Sundays. But even on the third Sunday after the demonetisation of notes was announced, they failed to clear the stock of perishable goods with them.

“I sold out vegetables at a half of my buying cost before leaving the market. Most people took half the quantity of goods they usually take on every Sunday. As a result, I failed to clear the stock. Thus I sold out whatever I had left as I have to set out for my home by 12.30 pm,” said Sandhya Maity, a vegetable seller, adding that she didn’t know that for how long they would be able to continue with the business if the situation does not improve.

People who were carrying Rs 500 also faced trouble as the traders were not ready to give change for buying goods that isn’t worth more than Rs 500. Thus, they had to take vegetables on credit. Even at fish markets, the traders were found asking people to take fish worth more than Rs 1,000 if they were carrying Rs 2,000 notes.

“We thought that there will be some improvement in the market from today (Sunday). But nothing has changed. Next Sunday onwards, we will procure lesser quantity of goods, so that we don’t incur much loss,” said Maity and the move have been taken at a time when most marriages take place in the state.

Thus, the one-time opportunity that traders get during this time of a year to earn some profit is gone.
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