Demonetisation, GST haunt Kolkata's Burrabazar

Immediately after note ban, which sucked out 86% of cash in circulation, business fell by 50-90% in wholesale market

Almost a year since the note ban, Kolkata’s Burrabazar — one of the largest wholesale markets in Asia — is still reeling from its aftershocks. 

Prime Minister Narendra Modi had announced the demonetisation of old Rs 500 and Rs 1,000 notes on November 8 last year. But, even now, sales at Burrabazar are yet to recover to half the levels at which they were before.

Immediately after demonetisation, which sucked out 86 per cent of the cash in circulation, business had fallen by 50-90 per cent in different parts of Burrabazar. The wholesale market comprises 25 submarkets or katras that supply goods