Commercial activity comes to standstill

Visakhapatnam: Business activities came to a standstill in the city on Day-3 on Friday following demonetisation of Rs 500 and Rs 1,000 notes.

Though the public and private banks were exchanging high denomination notes since Thursday, the public, who exchanged the notes, were keeping the small notes to meet daily needs, including medical expenses, and the banks were offering only Rs 100 and Rs 2,000 notes in exchange.

Heavy rush was witnessed on Friday too at all the banks. It is learnt that employees of government and private organisations reportedly coming to the banks after taking permission from their respective offices. Adding to the woes, some of the ATMs went dry due to shortage of cash and the situation will come to normalcy gradually, experts say.

When contacted, president of District Gold Merchants’ Association Godi Narasimhachari told The Hans India that Rs 3 crore business was reported at 250 gold shops in the city, including One Town area. The business areas wore a deserted look for the past three days and some major gold merchants closed the shops. However, Narasimhachari welcomed Modi’s daring step in demonetising the high denomination notes to help curb black money.

“The present public suffering due to lack of small denomination notes was similar to that of the troubles experienced during the Hudhud cyclone and this will gradually improve,” he explained.

Meanwhile, the EPDCL has permitted customers in its jurisdiction to remit power bills at all the bill collection centres where Rs 500 and Rs 1,000 notes will be accepted till Friday midnight while HPCL, Visakh Refinery too informed that all the retail outlets of oils, LPG and CNG stations of HPCL, IOC and BPCL will accept high denomination notes till Friday midnight.