Banks run short of notes, 'money bazar' flourishes
Source: The Sangai Express

Imphal, November 15 2016: Whereas all the people standing in front of different banks in long queues for several hours to exchange Rs 500 and Rs 1000 notes with notes of smaller denominations within a specific upper limit of a few thousand rupees, people can exchange their notes at some money dealers at Khwairamband Keithel without any upper limit provided they are ready to pay Rs 200 as exchange for every Rs 1000 note.

Although Khwairamband Keithel looked desolate since Rs 500 and Rs 1000 notes were demonetised, some six/seven traders dealing in exchange of notes have been enjoying a brisk trade.

Banks run short of notes, 'money bazar' flourishes

Their customers have been swelling since the last four/five days.

Even if their stock of currency notes of smaller denominations run out in the middle of the day, they somehow manage to replenish their stocks within minutes.

It is said that a money dealer can now earn Rs 20000 in a day by selling Rs 100 notes.

A man who exchanged Rs 500 and Rs 1000 notes with currency notes of smaller denominations at one of the informal money dealer told The Sangai Express that most of the banks were saying they had no more stock of currency notes of smaller denominations and people standing in long queues since early morning were not given these much needed notes.

He went on to ask from where the money dealers get bundles and bundles of Rs 100 notes.

The Government and the authority concerned ought to come out with a convincing clarification as to why people could not exchange notes at banks.

Even though exchange of notes at market places for certain fees is said to be illegal, the Government authorities have not been paying any attention, he decried.

One woman vendor of Khwairamband Keithel said that their businesses have slumped since Rs 500 and Rs 1000 notes were demonetised.

Some vendors have been selling perishable goods for Rs 200 to Rs 300 to people who come with Rs 500 notes.

The woman said that they have no changes to pay back to customers who come with Rs 1000 or Rs 2000 notes thereby severely affecting their daily trade.

She said that they used to sell goods for Rs 4500 to Rs 6000 in a day but these days they find it hard to sell goods for even Rs 1000 .

The situation is more or less similar with Thangal Keithel shops dealing in garments, shoes, utensils, electronic items etc. They used to sell goods worth Rs 20,000 and 30,000 in a day but these days their daily sales hardly reach Rs 5000.However, some shops at Paona International Market have been still accepting Rs 500 and Rs 1000 notes.

Very few people come for shopping since Rs 500 and Rs 1000 notes were demonetised even though it is the wedding season.

Noting that there is still some time for exchanging the old notes with new ones, the shopkeepers decided to accept Rs 500 and Rs 1000 notes rather than sit idle without doing any business for the whole day, said one shopkeeper of Paona International Market.

Meanwhile, price of petrol has skyrocketed to Rs 300 to Rs 350 per litre in the black market.

With fuel no longer available at oil pumps, school van service has ceased and many schools have closed.

Prices of all essential commodities have also sky rocketed.

Potato now costs Rs 40 to 45 per Kg, onion costs Rs 45 to Rs 50 per Kg and garlic costs Rs 200 per Kg.

It is said that stocks of different varieties of dal have run out in the godowns of many wholesale dealers.