When I was studying in St. Stephen's College , Delhi- 1975-80 a college friend of mine one morning excitedly informed that his parents have given him the money for purchase of a new Bajaj Chetak scooter which were readily available albeit at a sizable premium / black which amount fluctuated on daily basis just like shares in a Stock Market Our friend in ,great excitement , took a DTC bus to Bajaj scooters' biggest grey market in Delhi , Karol Bagh. He was , obviously , to return on his swanky new Bajaj Chetak.
We excitedly waited for his return to the College ,wondering whether the mandatory treat for us would be at the College Cafe or at Rohtas's Dhaba , when we saw our friend return some what disappointed which meant that he was without his Bajaj Chetak .
' What happened ?Are no Bajaj Chetaks available today in the Free Market " , we asked .
'No , there are many there ' , he answered .
Our friend had been asked to return in a few hours by his Karol Bagh Scooter Dealer after the Black market rate for that day had become known to the Delhi dealers .
It so happened that their phone, with their counter parts , in Jalandhar- Punjab had not been functioning .
In those days, a big although unofficial , Mandi with a large number of buyer , sellers and brokers , used to function in the open space in front of the biggest Bajaj Scooter dealer M /s PS Jain and Co. near the Bus Stand in Jalandhar .
The black market rate of Bajaj Chetak for the day was determined in Jalandhar Mandi and was taken as the Bench mark for all Scooter grey markets in North India , including Delhi .
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