16 Dec, Birgunj-The demonetization of 500 and 1000 rupee notes by the Indian government has drawn a direct impact on the customs and revenue along with no shows by retailers.
The Birgunj Customs Office is facing an impact of at least five per cent due to small and retail businesses although it continues to remain immune from the repercussions of demonetization on import materials coming from the third country.
The Customs Office is suffering a daily loss of Rs 15 million as heavy discount is sought in transaction made through the use of the banned notes. The arrival of retail businessmen too is thinning due to lack of notes.
Moreover, the retail businesses of motor parts, readymade garments, toys, cosmetic items and construction materials among other are suffering a huge set back. These items are imported from New Delhi and Kolkata in India, but the Indian businessmen have started to opt for banking transaction rather than doing it cash-to-cash.
Meanwhile, 75 per cent of the businesses in Indian bazaars and Raxaul is reeling under the direct impact of the Indian government’s decision to drop the high denomination notes from circulation, Raxaul Textile, Chamber of Commerce Chairman, Arun Kumar Gupta, told the National News Agency (RSS).
The businessmen in Birgunj have been demanding the government to set up a money exchange counter so as to facilitate trade between Nepali and Indian businessmen. RSS