CRBC: Give us extension for new $100 bills

The Confederation of Regional Business Chambers (CRBC) made a clarion call for the Government to give them an extension of the December 31 deadline for the conversation of the cotton-based $100 bill to the new polymer ones.

"If we cannot get an extension of bankable days to make deposit after the 31st, then reasonably businesses will have to stop accepting the old tenders on December 27. This is to allow for logistics of depositing the money into the bank."

So said the president of the San Juan Business Association, Vivek Charran. He was speaking at a press conference on Monday at the Couva/Point Lisas Chamber of Commerce office at Camden Road in Couva.

CRBC is hoping to get a maximum extension of five days and a minimum of three for deposits of business to banks. Businesses cannot reasonably expect to accept old tenders on December 31 then deposit them on the same date, he said.

The CRBC consists of 12 business chambers.

Charran said the chambers have supported the move to demonetise the $100 note. But without an extension and the deadline approaching, it has caused panic among members who want clarity.

"Many businesses will be paying salaries and giving bonuses this weekend in the old tender. Customers who are getting new tenders are not spending them. They are spending the old tender which means there is a considerable amount of old tender circulating."

Also attending the conference were president of the Couva/Point Lisas Chamber of Commerce Ramchand Rajbal Maraj, president of Penal/Debe Chamber of Commerce Rampersad Sieuraj and Angie Jairam, a representative of the Fyzabad Chamber of Commerce.

Maraj said is a crime risk for businesspeople from the "far corners of Trinidad" to travel to Port of Spain and back to deposit money.

Already, he said, some state enterprises like the Immigration Division has not been accepting the old tender.

Some banks have been charging for the changeover procedure and Maraj accused the institutions of taking advantage of the situation.

He added, "People, including the elderly, have to wait in the banks for five and six hours to do business transactions. We feel that the banks are full of resources and they can provide washroom facilities now for customers."

There have been calls in the past for banks to provide washroom services

"This is a good opportunity for them to consider it," Maraj said.

Sieuraj and Jairam endorsed the sentiments of their colleagues. Sieuraj said he had an issue with the timing of the changeover.