Markets deserted across Jammu as people queue up at banks

Jammu is finding it difficult to handle the crisis caused by Prime Minister Narendra Modi’s announcement of demonetisation of Rs 500 and Rs 1,000 notes. The routine life of people of the Jammu region, which attracts pilgrims and tourists, has been hit by the move.
While markets are wearing a deserted look, traffic is off the roads at many places. In panic, people are heading to banks to either deposit their hard-earned money or withdraw it for daily expenses.
Jammu markets that have already been hit by the four-month long stir in the Valley were hoping for a revival with the shifting of the winter capital to Jammu from Srinagar on November 7. However, the PM announced demonetisation on November 8 and things are backto square one.
“Due to multiple reasons, such as border tension, Kashmir unrest, pilgrims directly heading to Vaishno Devi and shifting of the ISBT, our business has been greatly affected. After demonetisation, it has suffered a huge dent. We have observed that since November 8, the trade has further gone down by around 50 per cent,” said Baldev Khullar, president, Raghunath Bazaar Traders’ Association.
“Not only local residents have stopped visiting the markets but the number of Vaishno Devi pilgrims has also fallen,” Khullar said, adding, “If it continues like this then the business community will suffer and so will revenue generation.”
There are multiple other factors relating to demonetisation which have hit the state and common man badly. Unlike the metros, most towns in the state have age-old tradition of saving and using cash in daily transactions. Usage of debit card, credit card or Internet banking is unheard of in the rural areas which constitute 70 to 80 per cent of the population of the state.
Limiting the withdrawal of money from ATMs and banks through cheques to Rs 2,000 and Rs 10,000, respectively, is not enough for the people to meet their needs.
“We are busy in depositing the hard-earned money but could exchange very less amount with the new currency notes. It was not enough to meet our daily expenses. Many people have to travel miles to reach banks and stand in queues for hours to deposit money or to exchange it,” said Pritam Singh of the Bhaderwah area of Doda district.