Demonetisation leaves markets desolate in Gurugram, Rewari

Markets of Gurugram and neighbouring Rewari and Nuh districts were desolate on Friday in the wake of November 8 demonetisation of high denomination notes.

A curfew-like situation prevailed in the markets in Gurugram, tghne tech hub and suburb of Delhi, and other places since customers and traders in old markets still prefer to carry out most business transactions in cash and not through credit/debit cards.

On the other hand, a huge rush of people was seen both inside and outside bank branches and automatic teller machines' booths in Gurugram.

Markets such as the main Sadar Bazaar, Bara Bazaar, and businesses on the Khandsa Road and other markets in the old city area of Gurugram were shut due to low footfalls of customers, who apparently had no money in small denominations currency notes.

A local business association said both traders and customers were running out of cash and rumours of Income Tax Department raids have only added to the fear and chaos.

The bankers association has said at least Rs 100 crore is needed in Gurugram banks on a daily basis to fulfill customer requirement.

Gurugram Additional Deputy Commissioner V.P. Singh has written a letter to the Reserve Bank of India on the demand for cash by bankers in the district.

Gurugram has over 700 branches of various banks and more than 1,300 ATM booths.

The Haryana Police have deployed nearly 2,000 policemen for security and to keep law and order outside banks and ATM booths.

Most of the people facing problems in getting the old currency notes exchanged said the demonetisation step taken by the Modi government on November 8 night was right.

They said it will inconvenience the common man at least for a week or two, but it will help the country in the long run.

With the beginning of the marriage season from November 11, families who were to organise such functions faced problems in the absence of cash for various transactions.

A few families even postponed weddings scheduled for Friday and even the next week.

Markets in Ahirwal's heartland Rewari also were deserted as if struck by curfew-like situation.

Similar situation was reported from different markets of Nuh district in Haryana's Mewat areas.

--IANS

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