Khammam: It is a tough time for businesses. The checks and check-posts being enforced by the police for restricting the movement of cash and liquor have become a problem for them.
A person caught with more than Rs 50,000 in cash needs to show proof to get it released. So far, the police have seized Rs 1.79 crore in cash from ten places while it was being moved to various destinations in cars.
About Rs 1 crore cash was found in a car and the persons carrying it were unable to produce proper documents. Cash has been seized in Khammam, Wyra, Madhira and other places. About '52 lakh was found in two places in the district, Rs 10 lakh in Khammam, Rs 14 lakh in Wyra and Rs 2.40 lakh in Madhira have been seized so far.
Cash transactions of nearly Rs 50 crore are done between factories and businesses daily in Khammam.
The cash is carried from one place to another. Paddy and cotton lifting is in full swing and private traders lift the produce from the houses of farmers and pay them in cash. Such transactions have been hit by election related checks.
N. Sridhar, a businessman, said, “Carrying cash to pay businesses is a routine affair. Producing documents all of a sudden will be a problem. The issue is that the police treat every cash haul as election money being moved. This approach is a problem.”
Transactions out of Khammam town have been stopped by the business people. Due to this, trading activity will be slower for the next 45 days. Real estate owners have stopped all sale deed registrations.
N. Rama Rao, a real estate owner, said, “A person residing in Paloncha bought an apartment in Khammam. He planned to pay me '10 lakh for the registration. But he requested an extension of the registration period because of the difficulties in carrying cash. People feel showing documents is a nuisance”.
Further, there are fifteen check posts in the district and fifteen squads are moving round the clock to restrict money transport during the elections. The cash seized during the checks will be shifted to the treasury and the people can get it back by showing proof for it. It is a long procedure and people prefer to postpone the transactions.
