Surat: Diamond industry vacation extended, textile market may remain closed for a week

Surat: Panicked by Income Tax department actions, textile markets in Surat and Ahmedabad are observing shut down. This move was in reaction of cross verification procedure by Income Tax department. The procedure was about checking of stock present in the market so that it can be verified whether the amount in the market is in match to it. Due to demonetization of Rs 500 and Rs 1000 notes and subsequent IT cross verification, traders are in mood to go on one-week long vacation. Small laborers and others dependents are going to face tough time due to this decision.

Meanwhile diamond industry has extended Diwali vacation by one week. The vacation will now continue till November 18. Earlier the date of reopening post Diwali vacation was November 12.

In another development, FOSTA which represents the textile industry in Surat has in a statement said that 60% of those working in textile sector in Surat are labour class people who are in great difficulty now as they have to stand up in queue for 6-8 hours. Even after this long wait they get Rs 2,000 note which is unusable for them. The banks and post offices therefore need to have more counters and function for 12 hours.

Meanwhile Shanivari market which is considered open mall of Surat for poor could witness only 10% of normal trade due to demonetization.

As banks are involved in currency replacement procedure and related management, the tasks like progress of home loan files, loan installment payment, payment to employees through CC, money transfer, recurring installment procedure, draft procedure, right time growth settlement etc are stalled and very adversely affected.

DeshGujarat