Dimapur, July 11 : Ao Students’ Conference (AKM) and Mokokchung Chamber of Commerce & Industries (MCCI) have expressed wary anguish over mushrooming of Weekly Bazaar and its threat to local economy in Mokokchung, especially around the periphery of the district headquarters and appealed to the people to come together and tackle the issue before it is too late.
The two organizations also cautioned the people about the traders involved in the Weekly Bazaar as they are of dubious origin and identity.
A press note jointly issued by AKM and MCCI stated, “It appears that there exists a diabolical nexus between some influential but reprehensible individuals with insatiable greed for easy money and a sophisticated syndicate of black marketing goons from across the state border working together to destabilize the local economy by hijacking the formal market in order to loot the unassuming locals to meet their selfish ends.”
“The products they sell are of inferior quality and are not inspected or certified by any competent authority. This so-called ‘Weekly Bazaar’ is in effect a ‘Daily Bazaar’ as they are open at different locations around the district on a different day but each day of the week. By purchasing from them, you are encouraging an illicit business activity as this ‘Weekly Bazaar’ is an illegitimate shadow market where economic activity is not recorded. You are not contributing to the economic development of the district by purchasing from them as theirs is a shadow business. You are not contributing anything to the state’s revenue as they do not pay any taxes.”
The organizations pointed out that the Weekly Bazaar is not a registered business and there is no levying and computation of taxes on them as they evade VAT and all codified fiscal rules, they do not conform to the legal statutes that define the scope of legitimate forms of commerce theirs being an inter-state imports and sales business, and they are not bound by institutionalized rules, regulations and penalties that govern legal business activity.
“Their weighing scales are not calibrated and they hoodwink you into believing that they sell their goods at cheaper price whereas you are not receiving your money’s worth when you purchase from them. The quality and price of their food products are not regulated as they are not recorded or registered and therefore purchasing from them is not only harmful to the health of the local economy but may also be harmful to the health of your own body.”
Eleven undocumented traders involved in the business were apprehended by Police at Mokokchung DEF area on July 9 for not possessing ILP.
“The fact that they somehow managed to slip through the inter-state check gate without ILP is proof that all is not fair in their business. The vehicles they were travelling on without permit yet laden with their unrecorded, uninspected and uncertified consignment to be sold without any formal regulation at the Weekly Bazaar shadow market were also reportedly brought to the Mokokchung police station but were not seized.”
At the news of the eleven dubious traders and their vehicles and consignment being brought to the Police Station, some patrons presumably of good influence are reported to have showed up to bail out the ILP defaulters and their unspecified consignment and vehicles, the press note said adding, when both AKM and MCCI leaders arrived at the police station, all the vehicles laden with unspecified consignment, probably with contraband items, were nowhere to be seen. “The involvement of some well connected and influential Judases is highly probable here.”
After the mushrooming of the shadow market in the form of Weekly Bazaar, the organizations said, dynamics of capital creation, distribution and circulation in the local market have been adversely affected. “Small time local traders in the affected villages have been unfairly put out of business. Possibility of inflow of contraband items and influx of illegal immigrants through the Weekly Bazaar leeway is treacherously wide open.”
AKM initiated the Survival Mokokchung campaign to flush out illegal Bangladeshi immigrants and to safeguard our socio-economic future but the Weekly Bazaar proved to be undoing what have achieved.
MCCI stood for safeguarding genuine traders and for promoting a free, fair and healthily competitive market, but said, they will be compelled to make drastic moves when shadow markets hijack the formal market.
“It is the duty of the authorities to do the background check and do the needful but the onus of protecting our own rights, our socio-economic future and our wellbeing falls on our shoulders, we the people.”
AKM and MCCI appealed to the people of Mokokchung to abominate the Weekly Bazaar ‘shadow market’, to comprehend the long-term harmful consequences it entails, to be rational and vigilant as a people and as consumers and to spread awareness at homes and in public about the dangers posed by typical shadow markets. “We cannot afford to be penny wise, pound foolish.”
