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Confusion, panic and opportunity in Old Delhi as Chandni Chowk looses shine

Amid the mannequins, in the lanes and bylanes of Dilli-6, are jewellers mulling over what has happened, and what will happen. Constantly buzzing phone calls, with voices crying for help and 'guidance' are heard in the narrow lanes.

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Shops in Chandni Chowk area wore a deserted look after Rs 500 and Rs 1000 notes were devalued
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The mannequins, which flaunted gold and diamond jewellery in the busy Chandni Chowk until Tuesday evening, now wear bare look, a day after Rs. 500 and Rs. 1,000 notes were put out of circulation.

Amid the mannequins, in the lanes and bylanes of Dilli-6, are jewellers mulling over what has happened, and what will happen. Constantly buzzing phone calls, with voices crying for help and 'guidance' are heard in the narrow lanes.

"This came as a shock to everyone, most of the markets in the area now adorn the same look. From businessmen dealing in garments, shoes, to jewellers or for that matter any wholesaler. In hours, businesses worth lakhs of money have been destroyed," said a jeweller.

"My phone has been buzzing since last night, everyone has the same question, 'Ab kya karein' (What to do now?), sadly I don't have an answer," he added.

The sudden policy change has however also led to friction among business partners. "I had brokered a deal of 1kg on Monday, the delivery was to be made on Wednesday, now supplier has refused to accept currency note of Rs 500 and Rs 1000," said a jeweller. The 'chai pe charcha' only has one topic now, 'Change kaise karaein' (How to get the currency denominations changed?)

This is, however, not an isolated incident. From parking counters to currency changers, all have put up boards, refusing services to those with notes of Rs 500 and Rs 1,000.

Meanwhile, some found opportunity in chaos, by exchanging the now 'illegal notes' at a 'not so nominal fee'. "The fee is Rs 100 for breaking down every 500 note into lower denominations. It was comparatively lower early morning, but as the demand shot up, so did the fee. The fee is expected to rise further tomorrow," said Raju, a trader.

He added that as a precautions, only small amounts are being converted to escape suspicion. "They are not converting Rs 2,000 at a time. Yet the queue outside the shops have not reduced," he added.

The otherwise shooed-away beggars also saw queues, however it was not for donations, but for conversion. "I must have converted at least 20 Rs 500 today. Initially, I did for free, but people didn't mind me charging a fee either," said Kamlesh, a beggar outside Chandni Chowk metro station.

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