How would you feel when you go to the market to purchase the vegetables or fish and vendors tells you that you can now pay your bill by credit or debit cards? This is not the story of future but the present effects of the demonetization that is very much visible in the Panaji Municipal Market in Goa. Due to the demonetization, a small and mini vendors have suffered much more than the big businesses in Goa. But now the time is changing.
According to the news published by the local daily, the retail trade, especially those who transacts only with cash on day to day basis are now been largely affected due to the demonetization of high value currency.
The new notes of 2000 have already entered the market but nobody had changed in the smaller denomination to give back the balance amount to customers. Consider that, you go to the market to purchase vegetables or may be fruits with Rs. 2000 note in your pocket. The vendor will not be able to give you the change back since he does not have enough currency in smaller denomination and notes of 500 and 1000 have already been ousted long back.
The only remedy remains open for the above situation is the installation of the card swapping machines. According to the sources, many vendors in the Panaji Market have already installed the card swapping machines and rest are rushing to apply for the same.
Mr. Sheed Khan, the proprietor of a bangle stall ‘Khan Bangles’ located in the Panaji municipal market, has already put the notice outside his bangle shop stating that “WE ACCEPT DEBIT / CREDIT CARDS”. This step has been taken by Mr. Khan to keep his business running at this juncture.
According to Mr. Khan, he started losing lots of his daily customers after the demonetization of the high-value currency had been announced by Prime Minister Narendra Modi on the 8th November. There was no money in the market and due to a shortage of cash everyone was losing the business, but here Mr. Khan showed little more prudence and installed the card swapping machine. “I was compelled to apply for a card swiping machine to save myself from the mental torture of losing customers,” said Mr. Khan.
Mr. Khan added that on many occasions his customers came to him with Rs. 2000 notes but it was of no use to him since he had no change to return the balance amount every time. “I used to find it difficult to manage the affairs. The card swiping machine has solved my problem,” he said.
Just like Mr. Khan the other vendors too will soon have the card swapping machines installed in their establishments to run the business smoothly. By doing this all the business transaction will completely become white and there will be no scope for the scrutiny by Income Tax department in future since every penny will be accounted automatically online.
Perhaps this the big game plan of Mr. Modi which will soon become very much visible and in true sense the black market will die slowly. If you wish to place your comments on this please go ahead.