Bhatkal: The sudden move of Central Government for demonetisation of notes without any prior notice has put the entire nation into utter difficulty. While some has welcomed the move, others are of opinion that it would only affect the normal people without fetching the actual goal of curbing black money menace as these are usually in form of gold, stocks and shares or real estate.

Petty fights over the issue of change or accepting the scrapped notes severely affected the business across the town. Majority of shops were reluctant to accept the notes of Rs 500 and 1000 which left the customers return empty handed.

Long queues were seen in front of petrol bunks as both the high-denomination notes were accepted there. Though initially the business went on as usual, owing to shortage of small denomination currency, the petrol bunk staffs were asking the vehicle owners to purchase petrol or diesel for either Rs 500 or Rs 1,000, which inconvenienced the two-wheeler owners.

The auto-rickshaw drivers, buses and tempos were also involved in arguments over change. Also, the reports of fights in some private hospitals were reported in Bhatkal. Especially the daily wage workers and small business were the most affected among all. Dubai market and other market areas noticed very little customers or no customers at all. The closure of banks has brought the scene of unannounced holiday across the town market.

Real estate bound to suffer

It is a known fact that the people of Bhatkal have invested a huge amount in real estate and buying gold jewellery without discriminations in caste and religion. It cannot be denied that the investments in concerned fields have flourished from past few years. Speaking about the town limit in taluka level a gunta of land is prized at Rs 2.5 lakhs, whereas the black money has shot up the prizes to more than 40 lakhs per gunta of land. Owing to the high profit in real estate, a great number of people have dived into the field. With the demonetisation of currency notes there is a high chance that the real estate business will suffer a huge loss due to the circulation of notes being termed illegal. However, the decrease in investments in real state will eventually lead to profits in gold investments, it is being said. Also, the hawala transactions are bound to suffer a backlash due to the new order. The officers are of the opinion that the money involved in the activities related to terror in county are usually rotated through hawala rackets, and with the sudden order of demonetisation of currency notes these activities will eventually come to an end.