Telangana News

Keeping in mind the struggle, common public is facing due to demonetization, the Telangana State Federation of Chambers of Commerce and Trade stated that, the Centre should consider introducing mobile cash counters at every 2-3 kilometres in metropolitan cities.

“If required, paramilitary personnel may be deployed for safety of the mobile cash counters. Banks also need to open more extension counters and deploy administrative staff to man them,” the federation president, Ammanabolu Prakash, said.

Several industries like textile, automobile, sanitary, electrical, hardware, and others are facing 80% loss in trade in Hyderabad. On the other side, electronics and furniture trade had to witness 90% loss and the food and hospitality sector 58%. Even the pavement vendors were severely hit by the demonetization.

“Traders are holding huge stocks... retailers cannot sell the goods since customers do not have money to buy, and as a result the entire chain of supply and distribution has been thoroughly disrupted,” Mr. Prakash said.