the goan I network
PANAJI
However, traders agreed that they did more business on Thursday than on Wednesday, when business had come to a virtual standstill as Prime Minister Narendra Modi announced that `500 and `1,000 currency notes are no longer legal tender.
But, even at this level, the business was a far cry from normal levels. An executive from Indian Terrain showroom in Panaji said, “We had just 3 walk-in customers since morning. This is because people are busy getting cash from banks. We think the business will pick up not today, but later.”
A number of shop-keepers were accepting `500 and `1,000 notes, but complained that still the circulation of Rs 100 notes was not adequate in the market, which makes it very tough for them to give change.
An executive from an appliance store in Panaji said, “We didn’t do any business today. Our owner has told us to not accept `500 and `1,000 notes. We have a machine and people can pay by cards. But, customers are insisting that they want to buy on cash and we are unable to sell them anything.”
Meanwhile, trade of fruits and vegetables in main Panaji market also continued to suffer. “We had many customers but we could not sell any fish as they were all giving `500 notes. I have given away all the money of lesser denomination and no more change is left. Yesterday also the business was slow. If this continues, I will have to leave the business and return to my village.” said Sumitra, a fisherwoman.
The same sentiment was expressed by a number of fruit and vegetable vendors as well. “Like yesterday, today too, we could not do any business. People are buying coriander worth `10 and giving notes of `500. How are we supposed to tender change?” said Wahid Ahmed, coriander seller.
Restaurants and bars continued to suffer great deal. A bar owner, who didn’t wish to be named, said, “Restaurants and bars are a daily business. If you lose the day’s business it is business lost. You can’t eat and drink tomorrow for yesterday. There are several restaurants that had to turn back their entire day’s business because people were offering only high denomination notes.”
