The demonetisation of Rs. 500 and Rs. 1,000 rupee notes stumped the public virtually leading to scramble for Rs. 100 currency notes and impacting business to a certain extent here on Wednesday.
With banks and Automated Teller Machines remaining shut for the day, the common man had no avenue to exchange Rs. 500 and Rs.1, 000 notes in their possession.
Ever since the news of the Centre’s sudden announcement broke out on Tuesday night and went viral in the social media, traders put out messages outside their establishments that they would not accept Rs. 500 and Rs. 1,000 notes.
Business was not brisk on Wednesday like the previous day with some commercial outlets in the city shutting shops due to this sudden development, according to the trading community here.
Although the Central government had made it clear that petrol stations would accept Rs.500 and Rs. 1,000 notes, it was not all that easy for consumers here.
Many fuel stations did not accept Rs. 500 or Rs. 1,000 notes citing shortage of Rs. 100 and Rs. 50 notes leaving several public fuming.
Some fuel stations accepted Rs. 500 note on the condition that fuel for that amount was purchased, complained residents. Power consumers were forced to return home without paying electricity bill as the staff refused to accept Rs. 500 and Rs. 1,000 notes leading to confusion. A group of residents vent their ire by staging a protest near the Electricity Board office at Thennur prompting the intervention of the police.
“I could not pay the EB bill on Wednesday on the eve of the last day for payment. The government should have included EB offices also along with fuel stations in accepting Rs. 500 and Rs. 1,000 currency notes”, said P. Selvam, a city resident.
Many rail travellers who had Rs. 500 notes in their possession to buy tickets had to face the same problem at Railway Junction here on Wednesday.
Railway officials made announcements through the public address system requesting travellers to tender exact fare to buy tickets. The counter staff expressed their inability to accept Rs. 500 notes to give ticket as they faced shortage of change subjecting passengers, who had come with their family and children, in a quandary. The sudden action impacted hoteliers where the business was dull.
A customer care manager of a prominent hotel in the city near the central bus stand said they accepted debit card from consumers instead of Rs. 500 and Rs. 1,000 notes.
The hotel which usually is abuzz with people throughout the day was not the same on Wednesday as business came down, he claimed.
Business was down in many jewellery shops, jewellers said. Unable to bring money in Rs. 100 denominations several public desisted from visiting jewellery shops hitting business on Wednesday, said C. Damodaran, secretary of the Tiruchi District Jewellers Association.
The Tamil Nadu Traders Federation state general secretary Ve. Govindarajulu said several business establishments had downed shutters in the city. Retail trade remained largely hit as shopkeepers felt severe shortage of lower denominations. Traders and public were the most hit by the sudden move, he added.
Consumer activist M. Sekaran, however, said though the drastic step was aimed at rooting out black money, the government could have done it in a manner without taking the common man by surprise and affecting him.
No doubt the move has shocked the common man, nevertheless if the action was aimed at combating corruption and black money it should be welcomed keeping in mind the nation’s interest, Radhakrishnan, a city resident, felt.
