Koyambedu market business face dullness due to demonetization of currency notes
Posted on: 15/Nov/2016 11:06:13 AM
The life and business in Koyambedu Vegetables Wholesale Market has come to standstill. The demonetising of 500 and 1000 notes has caused a crash in the prices of vegetables and lemon in the city.
M Thiagarajan, president, Koyambedu Vegetable, Fruit and Flower Sellers’ Welfare Association said: There are more than 1900 shops in the market. The daily turnover is between Rs 4 Crores and Rs 7 Crores. Because of the demonetization even Rs 1 Crore business is not happening. Small traders are not buying vegetables. If at all they come to buy they hand over the old notes. In order to keep the business we are accepting these currencies. During the last one week, the business has come down by 80 percent. Though the prices have come down, there are no buyers. Merchants are not able to repay their bank loans. Farmers are not accepting the old notes. We are not able to pay them at the right time. The only solution, a special counter should be opened exclusively for traders and dispense 100 rupee notes.
