Coimbatore

Cash curb hits sales at Gani market

Deserted look: Retail shops at E.K.M. Abdul Gani textile market in Erode waiting for buyers on Tuesday.   | Photo Credit: GOVARTHAN M

With valid documents mandatory for carrying cash above ₹ 50,000, traders from other districts and States did not turn up for purchase at the weekly E.K.M. Abdul Gani textile market (Gani market) here on Tuesday.

There are over 700 weekly shops at the textile market that functions from Monday night to Tuesday night that witnesses brisk business as merchants from other districts and other States arrive in large numbers for bulk purchases. Since the model code of conduct (MCC) is in force, the Election Commission had mandated that people should carry valid documents for carrying cash above ₹ 50,000 or warned that the cash would be seized. “Restriction on cash possession has hit transactions severely”, said a trader who feared that their business would be affected till the MCC is withdrawn. Only a few local merchants visited us on Tuesday, he added.

Traders said that with summer setting in, the demand for cotton dress materials will be very good. “Since traders will not turn up for the next four to six weeks, sales volume will be less than 20% when compared to normal sales volume”, said a trader Pugal. He said that traders will not be able to carry cash or use the Automated Teller Machines for making payments. “Usually during elections we face this problem for over one-and-half months”, he added.

On Tuesday, most of the retail shops wore a deserted look as a very few local traders and public turned up at the market. Traders also said that though polling will take place on April 6, counting of votes is scheduled for May 2 and hence they have to wait for withdrawal of MCC for more days.

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Printable version | Apr 16, 2021 6:38:51 AM | https://www.thehindu.com/news/cities/Coimbatore/cash-curb-hits-sales-at-gani-market/article33973878.ece

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