Demonetisation of Rs 500 and Rs 1000 currency notes has weaned customers from major shopping hubs in the city with small traders, restaurateurs and transporters expressing concern over the future developments.
"There are around 9 lakh small traders in the city who have been hit directly by withdrawal of the notes. All the major markets including Chandni Chowk, Sadar, Lajpat Nagar, Sarojini Nagar, Khan Market, Khari Baoli have been affected as buyers have no money to spend," said Brijesh Goyal, convener of Chamber of Trade and Industry.
Traders in various markets complained that either there were no customers and those who were coming to buy things were bringing Rs 500 and Rs 1000 notes which are "useless" now.
"Nearly 80 per cent of the market including grocery, garment, transport, bullion, hotels and restaurants and other businesses have been hit. Work has stopped at all the markets with traders preferring to sit at home and wait for situation to normalise," Goyal said.
Transporters in the city also expressed concerns that the plying of trucks on the road will be hit soon as cash is not available in adequate quantity in the market.
"Maximum withdrawal limit is Rs 10,000 which is inadequate to meet the expense of plying a single truck on the road. What will happen to those transporters who have larger number of trucks. The transport of goods between Delhi and other parts of the country is likely to severely hit in coming days," said Rajender Kapur, president of Delhi Goods Transport Organisation.
As a result of discontinuation of Rs 500 and Rs 1000 currency notes by the Government, the commercial markets are deserted with consumer footfall declining steeply, said Praveen Khandelwal, secretary of Confederation of All India Traders (CAIT).
"The restriction of Rs 10000 one time withdrawal from banks is affecting wholesale and retail trade. It is also affecting contract payments. CAIT has urged the Finance Minister for a distinction between saving account and current account and that there should not be any cap on the amounts withdrawn from current and cash credit account," he said.
Restaurant business in the city was also hit with people preferring not to eat out.
Restaurateurs claimed that the business has declined by 50 per cent with the paucity of cash with people.
"Our business has declined by 50 per cent. People still have limited cash and they are currently buying the daily essentials," restaurateur Priyank Sukhija said.
The luxury sector will take a hit since people will not be indulging in lavish spending and small businesses are going to be worst hit if the situation does not improve soon, he added.
"I think people with small businesses are going to be the worst hit because they mostly have cash dealings and they don't provide their customers the online payment methods. I think the impact will be felt for next four to six months," he said.
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