New Delhi, Feb 26 (IANS): A major trade union declared 'Bharat Vyapar Bandh' a success as more than eight crore small businesses belonging to about 40 thousand trade associations were claimed to be closed for business on Friday.

The call for the bandh was given by the Confederation of All India Traders (CAIT).

Accordingly, CAIT claimed that 'Bharay Vyapar Bandh' has caused a loss of about Rs 1 lakh crore.

The confederation said it had organised the bandh to protest against the amendments made in the GST Rules on December 22 and thereafter.

Besides, CAIT said that bandh was against unethical business practices of foreign e-commerce companies those who are continuously and openly violating the FDI policy much to the disadvantage of domestic trade of the country.

"Today's 'Bharat Vyapar Bandh' has caused a business loss of about Rs 1 lakh crore," CAIT said in a statement.

"In total nearly eight crore traders, one crore transporters, three crore hawkers and nearly 75 lakh small industries all over India kept their business premises closed."