Turmeric markets to close for a week

Facing payment problems due to the scrapping of Rs 500 and Rs 1,000 currency notes, merchants in all the four turmeric markets in the district, a major hub in the country for the spice, today decided to keep away from trading this week.
The decision was taken at a meeting of the Erode Erode Turmeric Merchants Association, its Secretary S K M Sathyamurthy said.
Arrival of turmeric in all the four markets -- Erode Turmeric Merchants Association Sales yard, Regulated Marketing Committee, Erode Cooperative Marketing Society and Gobichettipalayam Agricultural Cooperative Marketing society, dropped to just 500 bags, he said.
Further, the Regulated Marketing Committee run by the Agricultural Department insisted that the traders pay the purchase money in the form of cheque while traders in other markets wanted to make the payments with the old defunct currencies, both of which were not acceptable to farmers.

The traders in other turmeric sale centres decided to give only the demonetised currencies of Rs 1,000 and Rs 500, which was not acceptable to the farmers.
In view of the standoff, the association decided to close the markets for a week.