Tibetan sweater market in Udiapur wearing a deserted look/Phayul Photo
DHARAMSHALA, Nov. 16: The demonetization of 500 and 1000 rupee notes have taken the toll on retail businesses all over the country including the Tibetan sweater sellers who depend on seasonal business of winter garments in different cities of India.
Wearing a deserted look with less footfall and minimal business activities in most of the Tibetan markets, traders also complain that the prevailing warm condition through out the northern part of India is adding to their woes.
“It is a big problem for us. If we accept the demonetized currencies, it is illegal, but on the other hand if we don’t then there is no business. Customers have only old notes and we are not able to take them.” said Tenzin Mingey, a sweater seller in Palanpur, Gujurat.
He also added that the Tibetan sweater markets in Lucknow and Kanpur are also facing the same problem.
Tenzin Khechok, doing business in Bareilly, UP, also expressed similar desperation. He said people are watching them closely so accepting the old currency clandestinely is also out of question.
“Initially, the business started okay, but suddenly this (demonetization) happened and the weather also started getting warm, “ he regretted.
With only limited amount allotted for an individual at banks and ATMs, the trader stated that the customers, because of the limit on daily withdrawals use it economically to fulfill their basic requirements.
According to the Confederation of All India Traders (CAIT), since the demonetization trade in markets across the country has reduced to 25 percent in comparison to normal days.
However, online retailers are having a boom time with shortage of cash in the market, many have been using netbanking, credit and debit cards to buy groceries and other necessities.
The demonetization of 500 and 1000 banknotes was a step taken by the Modi Administration on 8 November to combat black money. The government has given till December 30 to exchange or deposit the old series causing long queues outside the banks and post offices all over the country.