No relief: Banks full, markets empty in Chandigarh; shortage of Rs 100 notes

Residents continued to face inconvenience in purchasing day-to-day items even as banks were full to the capacity with people rushing to get Rs 500 and Rs 1,000 exchanged with new currency.

Residents continued to face inconvenience in purchasing day-to-day items even as banks were full to the capacity with people rushing to get Rs 500 and Rs 1,000 exchanged with new currency.

A roadside tea vendor displays a notice to discourage customers from giving Rs 500 and Rs 1,000 notes as payment. (Anil Dayal/HT Photo)

Banks were shut a day after Prime Minister Narendra Modi announced that existing notes of these denominations will be removed from circulation with immediate effect.

As the non-availability of Rs 100 notes remained acute, people continued to purchase less by cash and used their debit and credit cards more.

Mirroring the situation on Wednesday, shops and markets across the city continued to receive less footfall. Milkmen and vegetable vendors also refused to take ‘old’ currency.

Heavy rush outside the Panjab University branch of State Bank of India as people wait to exchange old currency on Thursday.

Traders and shop owners including chemists and ‘kirana’ stores were ready to give items on credit but refused to accept Rs 500 and Rs 1,000 notes. Even taxi drivers asked passengers to arrange for money beforehand as they would not accept those notes.

While confusion prevailed over the situation even on day two, some city residents who had huge amounts of cash were busy trying out various options to dispose of the money. Some went to jewellers known to them to purchase gold.

Chandigarh Beopar Mandal chairman said, “The markets continued to suffer losses as there were hardly any buyers. The entire focus was on bank transactions today so it was another low day for sales. Things are expected to get normal by next week with the opening of ATMs and withdrawing of cash from banks.”