Businessmen hit as cash in short supply

Retailers and wholesalers in the national capital faced business hiccups on Wednesday as '500 and '1,000 rupee notes went out of circulation.

“My business is clearly impacted. People have little money, even to buy essentials like milk and petrol. Some of my regular customers turned up with '500 notes, only to buy a cigarette, so I had little option but to offer them credit,” Ramesh Gupta, a shopkeeper in Mayur Vihar said.

Some local retailers in Mayur Vihar said their sale was down to half as cash was in short supply. “I made my husband run around to get change for '500. We don’t have enough money even to buy the day’s grocery,” said Sunita Singh, who struggled to buy provisions with the big currency note she had.

“It will be important to see how banks will handle tomorrow’s rush,” said Suresh Bindal, former president of the Delhi Hindustan Mercantile Association. He claimed that traders handled fewer customers but more queries in the Chandni Chowk market. “Both wholesalers and retailers were mentally prepared,” Mr Bindal said.