Box
1. Traders and businessmen, who want to go cash-less, will have to open a current account, in case they don't have.
2. Current accounts are meant for businesses, as account-holders can withdraw as much money and as frequently as they want to.
3. But since demonetisation was announced, the limit per week withdrawal from a current account is Rs 50,000.
4. Current accounts fetch no interest. In fact, current account-holders have to pay maintenance charges to banks.
5. Savings accounts generate interest , but banks will impose charges if you make more than a certain number of withdrawals in a year.
6. Sources confirmed that banks levy charges, if a person makes more than 100 withdrawals from savings account in a year.
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Photo Credit: Sagun Gawade
Photos: (Sagun has uploaded the photos separately in Liberty, pl take from it)
Shubhangi Gawade (fruit vendor in blue saree)
Dawood Nadaf- (fruit vendor showing the swipe machine...)
NO BUSINESS? Panaji market scenario on Wednesday
PANAJI
A day after the vendors in Panaji market got their lessons in net-banking and demonstrations in using swipe machines the now-thinly-crowded market displays mixed feelings. While some of the vendors are showing their willingness to adopt the swipe machines in a bid to adapt to the government announcement to make the state markets ‘go cashless’ from December 31, some others are still sceptical about the usage and utility of the same. But all of them unanimously admit that business has slowed down since the November 8 announcement regarding the demonetisation of the rupee 1000 and 500 notes.
Dawood Nadaf, a fruit vendor, seems positive. He says that he will be switching over to swipe machine from December 1. “The bank officials had approached us. I am in a process of opening a current account in HDFC Bank as I will then get a mobile swipe machine free of cost. I am willing to switch over to cashless system as it would relieve us from the current cash crunch and slack business,” said Dawood.
Another vegetable vendor Haider Ali who has also opted for a swipe machine explains that he doesn’t mind paying 1.5 per cent charges for the usage which the bank will be deducting from his account. “I already pay various taxes while purchasing fruits and don’t mind paying charges to the bank as well. We have to run the business and it’s better to follow the system than sit idle and do no business.”
Mubarak Navar who has savings account has applied for opening a current account in IDBI bank and is awaiting his swipe machine. “Indeed our business has dropped. There are no transactions happening. I don’t have cash in rupee 100 or 50 notes to return to my customers,” he complains.
Rabia Ali is unaware if her son has agreed to switch over to swipe machine. “I sit in the shop only in his absence. I don’t know about the ‘go cashless campaign’ but it’s visible that the market which used to be crowded all day long looks empty,” she quipped.
But vegetable vendors like Bharati Murgaonkar claims to be illiterate and hence express their inability to operate swipe machines or bank accounts. However, Shubhangi Gawade, a 12th pass vendor, is smart enough and has no hassles in accepting even dollars from foreigners if they don’t have Indian currency on them. “I can get the dollars exchanged in Indian currency,” states Shubhangi.
She admits, “Our business has collapsed totally. I used to sell 400 bananas a day but now even 200 are not getting sold for days. The guavas I purchased on a credit of Rs 500 a week are still lying unsold and I have been avoiding the visit to my whole seller as I can’t manage to pay him at this point of time.”
Shubhangi who travels from Ponda daily cries that she now can’t afford even the bus fare as most of her fruits remain unsold. “I used to accept even dollars from the foreigners if they did not have Indian currency as I could collect these notes and exchange in rupees later but not let go anyone without buying for reasons pertaining to currency. Now I have few dollars at home as even the exchangers do not have rupees to pay me.”
