Jaigaon: The scrapping of notes of Rs.500,1000 are adding on to the people’s plight across India. Serpentine queues can be spotted outside banks even on the 9th day.
The cross-border scenario is different. Jaigaon, a hamlet in the India-Bhutan border has a flourishing market. Indians nationals here are facing hassles in the cash conversion. Residents allege that Bhutanese currency are on a rampant use here. People of Bhutan are crossing the check post to purchase their daily needs. Recently, stern steps are being taken to stop the Bhutanese currency from being increasingly operational, but only large transactions could be ceased.
The value of Indian Rupee and Bhutanese Ngultrum stands equal. This resulted in the loss of Indian customers but Bhutanese nationals are compensating for the losses in the Jaigaon Bazar. However, there are no takers for Rs. 500, 1000 in the Phuntsoling market.
Tourism industry has hit a new low in Bhutan. Indians on a tour to this beautiful foreign destination are facing troubles owing to the demonetization. They cannot use Indian denominations of Rs 500, 1000 to pay off their bills. Thimpu’s Druk PNB Bank Limited came to the rescue by allowing Indian cash to be interchanged, but to a little effect. This has compelled the tourists to return back before the scheduled dates.