Money out of circulation, affects business in city after demonetisation

Chennai: Closed shutters have hit business establishments too. With ATMs closed and banks running out of money, several business establishments ran out of their customers and chose to down the shutters to save on wages and electricity.

Serpentine queues of common people continue to be a usual scene on city roads, even at midnights. Most of the shops are selling the vegetables and grocery items for meagre prices, to complete the stock.

“There is no money in circulation and small traders are going into losses. I bought 3 kilos of tomatoes for Rs 10 at Nanganallur market. Many grocery shops are shut too,” said S. Bhaskaran, an Ullagaram resident.

Except for some out-of-cash ICICI and HDFC bank ATMs, most of the centres, including those belonging to Indian Bank and State Bank of India are shut on Wednesday.

Explaining his ordeal, a small trader said, “Most of the people got adapted to the crisis and simply refrained from spending money, except for basic necessities. When my sales were cut by half, how can I pay my employees?”