Retail as well as wholesale trade has been "affected severely" due to the demonetisation of the high-value currency, traders body CAIT said today.
"The commercial markets wore a gloomy and deserted look. Since demonetisation, consumer footfall is very less. Not only the retail activities but even the wholesale trade is affected severely because of very low volume of transportation of goods," it said in a statement.
CAIT has urged Finance Minister Arun Jaitley to take remedial measures to increase adoption of electronic payments besides ensuring smooth flow of currency both at the hands of traders and consumers.
It suggested organising special camps in the markets for disbursement of currency.
Post demonetisation, it said, trade in markets across the country has reduced to 25 per cent in comparison to normal days.
Government demonetised Rs 1000/500 currency notes last week in a bid to crackdown on black money. People have till year end to exchange and/or deposit the junked notes.
The move has caused hardships to people who have to wait for their turn in long, unending queues to change the money.
Several cash-based businesses have been witnessed a slowdown.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
