Delhi traders discuss effects of demonetisation: CTI

The effects of demonetisation on small traders and manufacturers in the national capital were discussed in a meeting of Chamber of Trade and Industry today wherein representatives expressed their apprehensions over the move.

Representatives from grocery, jewelry, transport, garment, property, and manufacturers raised the problems faced by them and extended suggestions to meet the challenges of the situation marked by paucity of usable notes and new banking rules.

The gathering extended various suggestions to tackle the situation, including extending the deposit limit from Rs 2.5 lakh to Rs 10 lakh in view of interests of the small traders, said Brijesh Goel, national convener of CTI.
 

Some traders also suggested withdrawal limit to be enhanced from Rs 10,000 to Rs 50,000 as well.

While some suggested extension of income tax exemption limit to Rs 10 lakh and bringing down the maximum tax rate to 25 per cent, he said.

"All the suggestions will be discussed further in 2-3 other meetings of the CTI in coming days and an agenda will be prepared which will be presented to the Centre and Delhi government," he said.

The gathering also emphasised on the need to safeguard the interests of the small traders and manufacturers.

The CTI office bearers announced a helpline number for the traders who require help from experts including advocates, chartered accountants and consultants.

Some participants of the gathering demanded the trader body to adopt stringent measures to oppose the move by Centre but the office bearers of the organisation called for restraint before going for stronger measures like protests or total shutdown.

In a surprise decision, Prime Minister Narendra Modi on Tuesday night had announced withdrawal of 500 and 1,000 rupee notes from circulation in a bid to flush out black money.

Huge rush and long cues were witnessed at banks, which opened today after a day's break, as people jostled to get lower value currency and new banknotes to meet their daily basic needs.

Only a maximum of Rs 4,000 per person in cash in exchange for the old Rs 500 and Rs 1000 notes was being given per person after submission of valid identity proof. Anything over and above this value was credited to bank account.