Several customers had come to us for purchases, but had Rs500 and Rs1000 notes with them. I had to turn them away since the notes will not be circulated anymore," said Hidayat Shaikh, a shopkeeper at the market.
With Rs 500 and Rs 1000 notes ceasing to be legal tender, retail and wholesale businesses at the Crawford and Dadar markets took a hit on Wednesday, with consumers unable to make purchases with the obsolete notes.
Crawford Market wore a deserted look on Wednesday, hours after the Rs 500 and Rs 1000 notes were tendered illegal by the Union Government. Widely regarded as one of the busiest and crowded markets in the city, shopkeepers said the government's decision on Tuesday affected business on Wednesday. Many buyers tried exchanging their Rs500 and Rs1000 notes, but failed to find takers.
"The market witnesses a huge turnout, but today (Wednesday), business suffered. We were not prepared for this. I feel the slowdown in markets will continue till high denomination notes are introduced by the government.
Several customers had come to us for purchases, but had Rs500 and Rs1000 notes with them. I had to turn them away since the notes will not be circulated anymore," said Hidayat Shaikh, a shopkeeper at the market.
However, few shopkeepers accepted the now illegal notes. "Thankfully, we had a few Rs 100 denomination notes with us. We will deposit the high denomination notes in the bank once they re-open," said Majid Khan, another shopkeeper.
Vegetable vendors who made the journey from different parts of the city to Dadar market on Wednesday opted to buy a small quantity of vegetables due to limited finances.
Rajesh Singh, a Santacruz-based vegetable vendor who visits the wholesale market regularly, said, "I buy vegetables worth Rs4,000 daily, but I just spent Rs1,500 today. I could not access the ATMs on Tuesday as there was a long queue."
Sadnik Sayed, 55, said he was happy with the government's decision, but was annoyed that customers were trying to dump their Rs500 notes with him. "I am here to do business, but I will not accept Rs500 notes. I have to look after my business. Why will I accept the banned currency? Considering the low turnout, I might bring a smaller batch of vegetables for the next two days."
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