Traders and shopkeeprs in city’s Sadar Bazar shut shops, but appreciate demonetization
The market wears a dull look even on weekends in Sadar Bazar, the oldest wholesale market of utilities located in the heart of the capital, since the announcement of demonetization. However, traders here, who used to totally run on cash for wholesale deals, claimed they don't mind the sluggish business.
Instead, they claimed their support to the cash clean-up ushered in by the government and rather believe that it will help the medium-class businessmen.
The market houses around 40-50,000 odd shops.
Shyam K Mittal, who owns a crockery goods business, said, the move has caused some inconvenience, but even that will go away from Tuesday onwards, as banks would have separate queues for traders.
"The step will help medium class businessmen in the market with those big dealers hoarding the cash not being able to do so anymore,"he said.
The traders' body here claimed that business dropped to about 40-50% over the weekend, as no big orders were placed.
Qasim Sheikh, 49, who deals in hosiery items hopes of cleaner deals in the future.
"There were many points in the chain of business where the money would get stuck at one level and would cause problems to small and medium class traders. I have had only 20% of goods sold in the entire week. But I hope the step will bring good returns for the honest," said Sheikh, who has his shop here since his grandfather set it up post-partition.
Also, "the major hassle, they said, "was that traders had to stand in long bank queues which would take more than half of their day. This we hope will get better from Tuesday."
Despite business being slow, traders said, the market would open everyday.
Dev Raj Baweja, general secretary, Confederation of Sadar Bazar Traders Associations (umbrella body of the over 100 trader associations in the market), is hopeful that business would start picking up pace from next week onwards, as there will be some cash back to the system.
"These problems are temporary. The best thing about the demonetization move is that it will bring everyone in the banking process. Those who would stash cash too will have to now go by the banking system for all kinds of business deals. It will actually clean up the existing system," said Baweja.
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