A few days ago after demonetization announcement was made in a televised address to the nation by Prime Minister Narendra Modi, an Okhla-based researcher was ‘lucky’ to lay her hands on a crisp new Rs 2,000 currency note.
However, her initial elation was short lived due to lack of smaller denominations at local markets. And for the last few days she has been unable to purchase anything as shopkeepers in Okhla have refused to take it because they don’t have small denomination notes.
“After coming to know about the demonetization, I rushed to a local bank branch and got the new Rs 2,000 notes. I was happy and displayed it as a trophy for a few hours to my family members and friends. Now after days I am worried as I don’t know what to do with it as there not many takers of this note in the local market. I visited several stores in the locality to purchase items with it. Everywhere I was told to either buy items worth entire amount or just forget to use it right now,” said Farida.
Since the demonetization, the local economy has slowed down with shopkeepers claiming that a few people are turning up at their shops.
A shopkeeper in Abul Fazal Enclave lamented that business has been hit hard as residents are only buying essential commodities.
Eateries too in the locality are feeling the heat with crowd thinning.