Seizure of cash, as part of the enforcement of the model code of conduct, from those carrying more than Rs. 50,000 without the required documents is affecting trade and business in Coimbatore, according to president of the Indian Chamber of Commerce and Industry here R.R. Balasundharam.
Member associations of the Chamber had a meeting here on Friday. Mr. Balasundharam told presspersons that retail traders in the core business area (Oppanakara Street, etc), petrol bunk owners, those in construction sector, and the public who want to buy jewellery, silk saris or furniture for weddings are the worst affected.
Members of the jewellery sector had met the District Collector, who is also the District Election Officer, and explained the problems they faced.
The chamber representatives will meet the District Collector and explain the difficulties faced by the trade and industry.
“We will wait till Wednesday to see if there is any action. Otherwise we might have to consider action such as shutting shop for a day in protest,” he said.
AppealThe Chamber has appealed to the Commission to issue guidelines on the supporting documents that should be carried with the cash and instruct the flying squad members on the same.
It should permit carrying of cash up to Rs. 3 lakh.
In the case of farmers who bring the produce to the market every day for sale to the traders, they should be permitted to carry the cash with a voucher.
Traders and businessmen who take more than Rs. 50,000 with them to deposit in the bank, to purchase commodities, etc, should be permitted if they have a self-declaration form, and PAN and TIN cards.
There are several flying squads in the city and 10 to 15 seizures are made every day. But, most of it is released the next day as the cash is carried by genuine traders and businessmen.
“We welcome the move by the Election Commission. But, the squad members should not seize cash carried for daily business,” he said.
