Talking to KNS, Kashmir Economic Alliance (KEA) chairman, Muhammad Yasin Khan said that the decision taken by PM Modi has badly affected the business in the Valley. “Majority of the people don’t have valid (new) currency notes thereby have been left to suffer. With such decision, the Valley traders have suffered at least 60-70 per cent loss in last couple of days,” Khan said.
“Instead of making such announcements in a very hurry rush, the Government of India (GoI) should have provided a sufficient time to the people so that they could have exchanged their currency notes in an ease manner. We all know that November month is peak time for business in Valley but the announcement by PM Modi in this month has left the traders to suffer huge loss,” he said.
Khan said that keeping in view of the uprising in the Valley during which people suffered huge loss, some among the shopkeepers were accepting old currency notes as a good will gesture. “It depends upon a thinking an individual whether he accepts old currency notes or not but some of the traders here were accepting the old currency notes keeping in view of the hardships suffered by the people in Kashmir during the ongoing uprising,” he added.
KEA chairman said that the state government should have approached Government of India (GoI) over the issue but unfortunately, they are in deep slumber.
President of Kashmir Traders and Manufactures Federation (KTMF), Bashir Ahmad Rather told KNS that the Valley is different from other states of India. “Most of the traders have no bank accounts thereby they have been left to lurch at large,” he said.
Rather said that the demonization of Rs 500 and Rs 1000 has directly affected the business in the Valley. “The government in centre should have taken this decision in a proper manner so that the people who are suffering today could have been feeling a sigh of relief,” he said.
He said that despite tall claims of JK Bank authorities that they will provide relaxation to the loanee’s, the bank authorities are deducting the EMI’s of the traders who are visiting banks to exchange their money. “Thus, PM Modi’s decision is being operated for second purpose in the Valley,” he said.
Hilal Ahmad Mando, Chairman of Traders Federation Parimpora Fruit Mandi told KNS that the decision left thousands of Valley traders to suffer. “Demonization of Rs 500 and Rs 1000 had bad impact on business in Kashmir. We have already suffered a loss due to uprising in the Valley and announcing such decisions at the same time added further hardships to the traders here,” he said.
He said that JK Bank authorities had announced that it will set up separate counters for the people to exchange their money but unfortunately, the claims proved hoax on ground as no separate counters have been arranged. “Besides, Bank authorities are providing no relaxation to the loanee’s. One who is visiting banks to exchange his money is being forced to pay his EMI’s, which he failed to pay due to the uprising in the Valley. If JK bank has announced relaxation to the loanee’s then it should stop harassing the loanee’s to pay EMI”s forcibly till the situation returns normal,” he said. (KNS)
Demonization of Rs 500, Rs 1000 aftermath: “Valley traders suffer 70 per cent loss”
Srinagar: Days after Prime Minister, Narendra Modi announced demonetization of Rs 500 and 1000 currency notes, the valley traders on Sunday said that they suffered around 70 per cent loss due to the recently taken decision by Modi led government in centre.