Major jewellery shops, a few textiles shops and several trade houses in the city remained closed on Tuesday in order to avoid cash transactions following demonetisation of Rs. 500 and Rs. 1,000 currency notes.
Two leading jewellery shops, a few textile shops and trade houses were closed in the Big Bazaar area. However, smaller textile shops, jewellers and traders carried on business, accepting the abolished currency notes from the customers. Other trades were not affected.
Small shopkeepers in rural areas offered credit liberally to regular buyers and asked them to settle the bill after two days.
Balaji, a vegetable vendor at farmers market, accepted Rs. 500 currency note from buyers who bought vegetables for Rs. 250. He said he needed cash at 5.30 a.m. on Thursday to buy vegetables from the wholesale market. Some commission agents in the market promised to accept cash.
Many vegetable vendors struggled to buy vegetable in the morning as many commission agents neither accepted the demonetised notes nor offered credit.
The worst-affected were two and three-wheeler riders as employees of several petrol bunks faced shortage of Rs. 100 currency notes. When they pressed the riders to buy petrol or diesel for Rs. 500, the riders entered into heated argument with them.
Fuel stations in rural areas stopped selling petrol and diesel since morning owing to shortage of Rs. 100 and Rs. 50 notes.
