Jammu business effects due to demonetization

The business in Jammu badly affected with the demonetization of Rs 500 and Rs 1000 old currency notes but this does not mean that people don’t like or need this step of government. Jammuites appreciated the Prime Minister’s decision of demonetization of old currency notes of Rs 500 and Rs 1000. The only factor of business suffer is unavailability of new currency notes in the market. Already government have made several schemes for shopping but without proper knowledge of these schemes as one can use ATM cards for shopping and can also use old notes in Hospitals and Petrol Pumps. Now government also opens certain Petrol Pumps for using ATMs to get new currency note of Rs 2000. All these things which government is doing for the betterment of public but after that when one can get the note of Rs 2, 000 then spend it for shop for Rs 200 or Rs 100 then he or she will not get the change from the shopkeeper.
The businessmen in Jammu has said their business have dropped to 60 per cent in the last ten days. A sudden slash was expected in the business due to crunch of hard currency with the people for two-three days, but now it has been over a week and the sales in the market have been slashed by at least 60 per cent. Even the Chamber of Commerce and Industries (CCI) believes that it would take at least one year to retrieve the market. As the overall business is down by 60 per cent in Jammu markets after November 8, CCI think it will take at least a year to revive the markets in Jammu.
Already the people of the state does not have sufficient hard cash and are not so familiar with the plastic money, the purchasing power of the common man has reduced. For this government should aware the public for using plastic money includes ATMs, Debit card and others for shopping. This will give boost in the market and soon business of Jammu will be on track. People still in Jammu are believe in hard cash shopping they are still away from card shopping this is also the reason for reducing shopping from the last one week. But very soon the situation will be normal and a clean and fair market will be developed, not only in Jammu but in the entire country. According to the business community, the markets are getting response only due to marriage functions.
Now-a-days, people have shifted to necessities only. Nowadays, customers are just buying extreme necessities. So, ration, vegetable and fruit shops are getting normal response, but all other shopkeepers are sitting idle in their shops.

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