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Liquidity crisis hits business in Margao

The hustle and bustle in the commercial capital went missing, a day after Prime Minister Narendra Modi scrapped the currency notes Rs 500 and Rs 1000, with traders complaining of a drastic fall in business with customers facing liquidity crisis on Wednesday.


MARGAO

While the New Market virtually wore a deserted look since afternoon, some of the hotels and restaurants put up board in front of their establishments asking customers to tender exact change. 
Petrol pumps had a hard time in doing business with motorists only coming with currency notes in the denomination of Rs 500 and Rs 1000, leaving the fuel owners with no option than to demand exact change, leaving customers high and dry.  
The mega New Market “ the heart of the commercial capital “ suffered the brunt as the market did not witness the usual hustle and bustle on Wednesday. 
Like any other day, the traders had all opened their shutters in the morning, only to find the going tough by noon with customers tendering with Rs 500 and Rs 1000 notes. 
President of the New Market Traders Association Vinod Shirodkar said that though the traders were willing to accept Rs 500 and Rs 1000 currency notes, the business was affected because of tendering change. 
“When customers came with Rs 500 or Rs 1000 notes, we had no change to give them, affecting the business. By evening, the markets did not witness any activity”, he added.  
Ganesh Shanbag of Mehgdoot restaurant said he was constrained to put up the board requesting customers to tender exact change because customers came only with Rs 500 or Rs currency notes. 
“We do not know how the situation would emerge on Thursday”, he said, while only hoping for the best.  
A new market trader, Sudha Naik pointed out that she could not do any business in selling fruits today because of the currency problem. 
Kurshid Sadekar echoed similar sentiments, saying the absence of Rs 100 denomination notes also contributed to the problem.  
Though all the city petrol pumps were open on Wednesday, only customers who tendered exact change were sold fuel.
“We sold fuel only to those customers who tendered the exact change.” 
“We expressed our helplessness when customers came with Rs 500 or Rs 1000 note to buy fuel of Rs 100,” an attendant of a city petrol pump told The Goan.  

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AAP denounces government’s move

The Modi-led government’s move to overnight demonitise the Rs 500 and Rs 1000 currency notes failed to go down well with the Aam Admi Party.

the goan I network
Published Nov 10, 2016, 6:53 AM IST
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PANAJIAAP viewed the move as an ostensible rather than a well-intentioned salvo against black money and corruption in the country.   In a statement, AAP declared, “We have always fought against black money and corruption. We are committed to rid India of these twin evils and have steadfastly stood against corruption. Last night, PM Modi made an autocratic announcement. Unfortunately we found no logical answer on how this move will end black money.”  AAP…

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