CAIT appeals to Govt to allow traders to accept invalid notes

Traders' body CAIT today appealed to the Government to allow retail traders to accept at least one Rs 500 or Rs 1,000 invalid note per consumer and permit withdrawal from banks above the Rs 10,000 limit per day for current account holders.
The Confederation of All India Traders (CAIT) claimed that as a consequence of discontinuation of Rs 500 and Rs 1,000 notes by the Government, commercial markets across the country wore a gloomy and deserted look and consumer footfalls have reduced considerably, impacting wholesale and retail trade.
"CAIT has demanded the Finance Minister to extend authority to accept high denomination currency notes to retail traders also who are directly selling to consumers with a cap that maximum one high denomination note per consumer is accepted with proper cash bill since retail trade is an essential service to the society having a last mile connect with the people and consumer.

"Such a step will make the markets move smoothly. The restriction of Rs 10,000 one-time withdrawal from banks is affecting wholesale and retail trade. It is also affecting contract payments," the traders' body said.
CAIT Secretary General Praveen Khandelwal told PTI that the traders should be permitted to accept the invalid notes "until the situation returns to normal".
The traders' body also argued that there should not be any cap on the amounts withdrawn from current and cash credit account.
It said the traders, particularly retailers, are doing little business and salesmen at the retail counters were seen sitting idle.

However, the body said that the measure highlighted significance of digital payments as people using various payment modes like credit and debit card, mobile payment applications of banks & other technology providers were successful in transferring money through digital payments for their day-to-day expenses.