The Federation of Tamil Nadu Traders Association today staged a protest before the Coimbatore Red Cross Building. This protest was called for opposing the ban on high value denominations of Rs.500 and Rs.1,000.
In a notice that was issued by the protestors, it was stated that the public, especially the traders are impacted, ever since the Modi Government has announced a ban on the Rs.1,000 and Rs.500 denomination currency notes. They also said most of the transactions in the small shops are made through cash.
Due to the ban they all the transactions of small business owners has come a halt. Though the announcement was made with a good intention, it has impacted the small businesses. They also pointed out that they have to make payments to farmers in cash when procuring the agricultural produce from them.
“Post this move by central government, people from the middle class and lower class of the economy do not have enough cash in hand,. It is difficult for them to fulfil their basic needs. Payment of salary to labourers and payment to those who are in small scale businesses is not possible, ever since this ban came into being. Hence we have decided to call for this protest all over Tamil Nadu.” one of the protestors said.
In a notice that was issued by the protestors, it was stated that the public, especially the traders are impacted, ever since the Modi Government has announced a ban on the Rs.1,000 and Rs.500 denomination currency notes. They also said most of the transactions in the small shops are made through cash.
Due to the ban they all the transactions of small business owners has come a halt. Though the announcement was made with a good intention, it has impacted the small businesses. They also pointed out that they have to make payments to farmers in cash when procuring the agricultural produce from them.
“Post this move by central government, people from the middle class and lower class of the economy do not have enough cash in hand,. It is difficult for them to fulfil their basic needs. Payment of salary to labourers and payment to those who are in small scale businesses is not possible, ever since this ban came into being. Hence we have decided to call for this protest all over Tamil Nadu.” one of the protestors said.