Scrapping of Rs.500 and Rs.1,000 currency notes has created a crisis in the traditional chitty business in the State.
All Kerala Chitty Foremen’s Association, on Wednesday, sent a fax message to Union Finance Minister Arun Jaitley, seeking his intervention. “Almost 90 per cent of the clients of chit companies pay the monthly payments in cash. The scrapping of the currency notes has affected the payment. The chitty business is in severe crisis as all procedures have come to almost a standstill.”
The association sought permission to receive Rs.500 and Rs.1,000 notes from the clients till December 30. The association submitted a memorandum to Chief Minister Pinarayi Vijayan, Finance Minister Thomas Isaac, and Registration Minister G. Sudhakaran seeking permission to postpone the chitty dates.
