Live
- Bengal govt withdraws representation in DVRRC
- Doubts over continuation of Cong-Left Front bonhomie in Bengal
- GST 2.0 will further ease tax compliances and boost economic growth
- AP likely to receive rains for next three days amid formation of low pressure area
- Telangana Braces for Heavy Rain as IMD Issues Yellow Alert
- Coming back to Test cricket, where I belong the most, is special, says Pant
- YS Jagan writes to PM Modi, seeks inquiry into Tirupati laddu controversy
- Kejriwal questions if RSS okay with BJP's politics
- 'Time to seize the gold': Rahul Gandhi wishes Team India for Chess Olympiad's final round
- Search operation yields progress in landslide tragedy on NH 66
Poor, middle class hit with scrapping of currency notes
Unanticipated decision of the Central government to demonetise currency notes created havoc among the poor and middle class, who
- Traders indulge in instant exchange of Rs 500 and Rs 1,000 notes for commission
Nellore: Unanticipated decision of the Central government to demonetise currency notes created havoc among the poor and middle class, who basically depend on day-to-day existence. They were being paid by the landlords and others, who engage them for various works, in high denominations like Rs 500 for their daily wages.
They faced severe problem from Tuesday night when the news aired in televisions about the decision taken by the Central government.
Interestingly, petty traders and businessmen refused to accept the high denomination notes as there was miscommunication that notes were totally abolished. Panic situation gripped in city and people started withdrawing money from ATM centres.
Taking the advantage, some traders cashed the situation by exchanging currency illegally on commission basis. The rate was 15 to 20 per cent. Staff members at petrol pumps also refused to fill petrol for Rs 500 and finally they decided to fill for total amount.
Some have demanded for Rs 50 commission for every transaction. There was also serious problem for vehicular movement on the national highway from Tuesday midnight and there were big lines at toll plaza because of problem for currency of lower denomination.
Commuters also became panic and started offering only Rs 500 and Rs 1,000 notes to the plaza staff where they asked the commuters to wait for some time in the bay lines which created traffic woes.
Some traders rushed to places close to toll plaza on Wednesday and offered lower denomination on commission basis. They fled from the scene when media and police personnel visited the places. Some illegal counters were also opened in city at branches of various banks for giving lower denomination notes.
District SP Vishal Gunni, who spoke to the media on Wednesday, said police would initiate action against them. He also held a review meeting with bankers, chamber of commerce and other trading organisations.
