Demonetisation hits Ukl market
Source: The Sangai Express
Imphal, November 11 2016:
With the Government pulling out Rs 500 and Rs 1000 currency notes from circulation, the people of Ukhrul are facing an acute shortage of legible notes and the woes of the people have been compounded further due to the economic blockade called by the UNC.
Shop owners are refusing the demonetised notes due to the exchange problem while the customers are forced to forgo their need for essential commodities.
This has reduced the daily sale proceed by 50 pc or more and is likely to increase in case of late arrival of the new currency notes at the district .
During an independent investigation carried out by this correspondent in Ukhrul town today, the owner of Agarwal shop, Wino bazar stated that the stockists/agencies at Imphal have rejected Rs 500 or Rs 1000 notes and thus they are unable to purchase the goods.
UBI, Viewland branch at Ukhrul permits exchange of only up to Rs 5000 and withdrawal of only Rs 1000 per person.
At SBI Somsai branch, Ukhrul withdrawal is limited to Rs 10000 and exchange upto Rs 4000 .
According to information from banks in Ukhrul (UBI, SBI and UCO) today the deposit rate in the bank treasury has increased manifold compared to the previous days.
A bank staff said that a person without bank account is allowed to exchange money by filling up forms with ID proof.
A businessman stated that while the Government's initiative to check black money is appreciated the sudden announcement to demonetise Rs 1000 and Rs 500 notes, with limited avenue for exchanging them has severely inconvenienced the common people.