Mumbai: Steep losses for traders after demonetisation

Small and medium-sized traders are already facing the heat after a large number of people have stopped shopping since the government banned high-denomination currency.

Small and medium-sized traders are already facing the heat after a large number of people have stopped shopping since the government banned high-denomination currency.

“Customers have been extremely careful about spending every penny,” said Harish Thakkar, a manufacturer at Natraj Market in Malad. (Arijit Sen/HT)

Mahesh Vakani, a ready-made garment trader in Prarthana Samaj, said he has been facing steep losses for the past three days. “Until some days back, on an average, I had a daily income of around Rs20,000-25,000. It has dropped to Rs 8,000,” said Vakani.

The Fort Merchants Welfare Association (FMWA) president says the merchants have been earning only 20% since the decision. “80% losses is not something you would like to see. The situation is so bad that we are selling goods on credit to our loyal customers,” said Ashok Patel, president, FMWA.

Patel added that he sent for 10 of his people to withdraw money from the bank. “But nine came empty-handed even after waiting for hours. PM should have given a thought about sales and service providers too,” he added.

“Customers have been extremely careful about spending every penny,” said Harish Thakkar, a manufacturer at Natraj Market in Malad.

Similarly Viren Vora, a Borivli cloth market shop owner, who is the third generation in the same business, said, “We did not expect such ache din (good days). Good for them (the government), bad for common people and worse for small-scale traders and businessmen,” adding, “Why will my children get into business if things operate like this? We will lose our age-old tradition.”