Free Press Journal

Demonetisation hits Manish, Mangaldas and Crawford Markets as they face losses

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Mumbai: The most busy, organised and unorganised markets, such as the British-era Crawford Market known for fruits and dryfruits, Mangaldas Market dealing in clothes, and the electronics-heavy Manish Market were seen deserted, affected due to demonetisation.

Even though it’s wedding season, these markets were deserted. For last three weeks, the businessesmen including traders, artisans, and laborers have suffered tremendous losses a direct consquence of demonetisation.

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These cash-heavy markets deal in tens of crores of rupees business on any given day but for the last three weeks it has gone downhill as the Centre’s decision to scrap Rs 500 and Rs 1,000 notes has adversely affected costumers.

The 150 year old Mangaldas Market, which is famous for its clothes, for past twenty-two days has been seen deserted. The government’s decesion of banning Rs 500 and Rs 1000 notes has affected the footfall of costumers. Since these small time traders have no credit/debit card swipping machines, the shopkeepers themselves are facing cashcrunch. The workers who work in these shops still haven’t received their pay, and most of these workers are daily wagers.

In order to help such shopkeepers/traders, Bank of Baroda has started an initiative whereby the bank is registering such shopkeepers/traders from Mangaldas Market for free Debit/Credit card swiping machines.

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The Mahatma Jyotiba Phule Mandai best know as Crawford market was built in 1869 during the British-Era. And this usually busy-market is facing the same situation as Mangaldas Market. The places which is a hub for best buys related to bags, fruits and vegetables, shoes, belts and cake making and decorating equipments and toiletries and more has also seen very less footfall of costumers. The shopkeepers, who used to earn Rs 10,000 to Rs 15,000 daily, are now only making Rs 5000 on a good day.

Manish market a popular wholesale market for electronics, fabric and home decor has also faced financial loses due demonetisation. Due no credit/debit card swiping machines and lack of change for Rs 2000 note has seen very less costumers.

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Shopkeepers from these markets have said that the customers are not visiting the shops as most of them are busy in finding ways to change their high value notes. “Business is down by 80 to 90 per cent today as customers are busy converting their Rs 500 and Rs 1,000 notes. The market is near empty,” Viren Shah – President, Federation of Retail Traders Welfare Association, told PTI.

Manohar Wagle, President, Maharashtra Sports & Fitness Trade Association, told PTI, that several retail players are hit as there is no liquidity and this will continue for long a time.

Various trade bodies have also advised their members to be aware of agents and dalals promising them to convert black money into white.