Cash crunch has resulted in the national Capital markets wearing a deserted look. Many markets recorded less than 20 per cent footfall as compared to earlier days. Chandni Chowk, Karol Bagh, Connaught Place, Sarojini Nagar, South Extension and lajpat Nagar wore deserted look due to lack of customers.
Even traffic too has been running smoothly as less number of vehicles is on the roads. Delhiites found it difficult in paying for their household items, essential commodities and vegetables as they ran out of their savings of small currencies.
In many areas, people were seen queuing up outside banks even before they opened for business. In some markets, prices of essential items, including rate of photocopier also increased due to cash crunch. The Centre's decision to scrap Rs 500 and Rs 1,000 notes has adversely affected the footfall of customers.
“Due to cash crunch, Delhi's roads are jam free for the past three days. There is no reports from anywhere of slow movement of traffic or jam during peaks hours,” said a Delhi traffic
police inspector.
The reason is that there is less vehicles on the roads. Those having vehicles have preferred to ensure Rs 100 notes as most of them have either Rs 500 or Rs 1,000 denomination of notes.
Due to a few customers, a trader of Chandni Chowk said with marriage season at its peak, hundreds of weddings are scheduled over the coming weeks and however, the markets wore a deserted look on Friday due to cash crunch.
“The customers are not buying these days,” he said.
The ever-bustling Chandni Chowk, where people have to jostle for space to walk on an ordinary day, saw very few buyers.
Traders at Chandni Chowk said the market was so crowded till Tuesday that people had to queue outside shops. Ashok Khanna, who owns a bridal-wear shop in Chandni Chowk, said he had no customers since Wednesday. “The marriage industry works largely on cash as clothes are expensive. With shortage of Rs 100 notes, people
aren't shopping. Business has been hit badly.”
The entire market is closed due to raids by Income Tax department. Not only Chandni Chowk, Karol Bagh, Kamla Nagar, Bhagirath Place, Sadar Bazar and Chawri Bazar were closed on Friday. Only a few shops were opened but there were no customers.
In Karol Bagh, Sarojini Nagar, Kamla Nagar, Mukherjee Nagar, lajpat Nagar, too, some shopkeepers shut shops due to lack of buyers.
Those who are part of this informal sector, including caterers, tent-houses and bandwallahs, are already estimating losses. Iqbal Singh, who runs a catering service in the Walled City, said he is booked for the next three weekends but is yet to procure vegetables, meat and other materials from the mandi.
“Our transactions take place in cash. While the move [demonetisation] is good for the country, I am estimating my losses. It will be in lakhs.”
The same was the situation at Naagar tent house in Shalimar Bagh, which is yet to receive payments. “It is small traders like us who are duped. I don't have enough money to pay my staff as my income is seasonal and this is the time I earn,” he said.