Day 2: Jewellery shops deserted now

PATNA: The jewellery shops, which acted as the currency exchange points soon after Prime Minister Narendra Modi announced demonetization of Rs 500 and Rs 1,000 currency notes on Tuesday night, wore a deserted look on Thursday with most of the jewellers refusing to entertain those visiting their shops with old notes.

Meanwhile, the Centre's move to withdraw Rs 500 and Rs 1000 notes has evoked mixed response from jewellers. While branded

gold

outlets have welcomed the move, small players have expressed strong reservations over the sudden decision.

Jeevan Kumar, secretary of Bihar Rajya Swankar Sangh, who also owns a shop on

Thakurbari Road

, said the Centre took the decision in a haste. "Many customers, who come to our shop from rural areas, do not possess PAN card. What should we do with such customers? Wedding season has just arrived, but I don't think we would be able to do business under the present circumstances," Kumar said.

However,

Umesh Tekriwal

, branch manager of a branded outlet on Fraser Road, said the Centre's move to demonetize currency notes of higher denomination would help them in the long run. "Since our outlet does the entire business in white, we will not face any problem. This decision would prove beneficial for us," he said.

Ravi D Radia, manager of another branded outlet on Boring Road, said not a single item was sold at his shop on Thursday as all the customers came with Rs 500 and Rs 1000 notes. "We are not accepting these notes. Since customers are not coming with plastic money, sales have been badly hit at our shop," he added.

Some jewellery shop owners, who were accepting the currency notes of Rs 500 and Rs 1000 denominations, ran out of stock on Thursday. "I have sold almost all the items. Now all I can offer to my customers is diamond jewellery," said owner of a jewellery shop on Boring Road.