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- November 14, 2016
Demonetising and Livestock Trade: Swiped Away
A sector that has probably been hit very badly with the recent withdrawal of Rs. 500 and Rs. 1000 notes is the livestock sector and consequently livestock markets. Transactions in livestock markets and livestock trade mainly happen in cash – of large denominations.
This sector provides livelihoods not only to farmers, but to aggregators, loaders, transport wallahs, butchers, livestock by product makers and several streams down that line including leather-workers etc.
We know for a a fact that even if these people have bank accounts access is not always easy due to literacy levels, distance from banks etc. I don’t know of too many buffalos, cattle, camel sheep or goat being traded online, through credit cards or paytm. Further the cash transactions are in large amounts and presently small denomination notes seems to be in short supply. Early reports speak of a huge slow down of markets in Tamil Nadu and a very quiet Pushkar Mela.
As part of our work on rural markets, we would be very happy to get any news, reports and information on this.