Blame it on the acute shortage of Rs 100 and other smaller denomination notes, the currency seems to have no takers in Goa with shopkeepers and stores refusing to accept it demanding exact amount from customers.
Banks in Goa witnessed customers coming back with the new notes to be deposited, while also asking for currency notes of lesser denominations due to shortage of ‘change’. However, new notes of Rs 500 are yet to reach the banks in Goa.
A visit to the banks in Panaji revealed that some of them had received currency notes in the denomination of Rs 2,000 and Rs 100 and lesser denominations, while some received notes of Rs 2,000 only; either for exchange or withdrawal.
“We had two customers today (Monday) who returned with the Rs 2,000 notes which they had withdrawn earlier. They wanted to deposit these notes as they were having difficulties to use it in the open market to buy essential commodities. But we were helpless as we had only Rs 2,000 notes”, said a banker on condition of anonymity.
A customer at the same bank refused to accept Rs 2,000 note stating that it was of no use as there was shortage of ‘change’ in the market.
“What will do with this note? For the past four days wherever I go to buy things, they first ask me if I have ‘change’ refusing to accept notes of higher denominations”, she said.
Another banker said that people especially ask for notes for lesser denominations like Rs 100, Rs 50, Rs 20; while refusing to accept the new Rs 2,000 note.
“Earlier people used to ask us to give them notes of Rs 500 or Rs 1000. Presently, people just don’t want to take these notes due to shortage of ‘change’. Now they even ask for Rs 20 notes”, said another banker.
A bank however preferred to restrict itself to five notes of Rs 100 every customer, providing all customers an opportunity to get some ‘change’ at least.
However, most of the banks in the City maintained their regular timing and stopped accepting deposits and exchange of old notes by 4 pm.
The City ATMs which were flooded with people on Monday morning however ran out of cash in the evening. Nonetheless, some which were dispensing cash witnessed queues which were moving smoothly. Some banks even managed to refill their ATMs in the evening.
An old man outside an ATM in St Inez said, “The condition today is far better than Friday. Now they at least have some cash in hand. Friday I even saw people withdrawing cash using more than one ATM card as they were panicky situation. They just wanted to stack as much of cash as possible.”
Another young man added, “On Saturday I checked almost nine ATMs to withdraw the cash, all of which were dry. Today at least some have cash and the queues have reduced.”
At another ATM, people were so desperate to withdraw money that they asked their friends already waiting in the queue to withdraw cash for them. They even went to the extent of giving their cards and ATM PIN to get Rs 2000.
Noticing this act, few others in the queue raised their voices forcing a bank official to insist on one person using only one card to withdraw Rs. 2,000 only once. A visit to Panaji market revealed that the businesses were running slow, while some local vegetable sellers had preferred to remain closed due to want of ‘change’. These sellers are mostly women from the outskirts of Panaji who sell locally grown vegetables.
“We deal in vegetable items which are perishable. We do not have proper storage facilities also. For the last four days, I have done business of Rs 80 only. Today at least I have got customers who had Rs 100 notes. I hope conditions improve in the days to come, or else I also will have to remain closed like the way my neighbour has done”, said Suchita, a vegetable vendor.
A fruit vendor Sayyed said that he has done business of 1,200, which in the last two days was merely of Rs 300-500.
Meanwhile, restaurants too witnessed the crunch of demonetisation. While many restaurants had no customers, some which had customers preferred to accept debit or credit cards instead of cash. But there too was a problem as the cards were not getting swiped due to technical issues.
“On Sunday, we had just two families of tourists. As they had no cash with them, we asked them to pay by card. But there too the transactions were getting declined. We had no other option than to let them asking them to pay later. They have still not returned”, said a restaurateur.
Another restaurateurs said that he faced a similar problem with one customer which was only resolved after 10.30 pm.
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No parking fees at
Dabolim airport
till November 21
VASCO: The Airport Authority of India (AAI) at Goa airport has decided to suspend the collection of parking charges till midnight of November 21, following the demonetization of Rs 500 and Rs 1,000 currency notes and ongoing difficulties faced by motorists.
According to AAI Director, Goa Airport, B C H Negi, the decision to waive off parking fee till November 21 was taken following guidelines from the Ministry of Civil Aviation to facilitate the smooth movement of passengers.
“All necessary instructions have been issued to the car parking contractor, besides other officials at Dabolim airport,” Negi told The Goan.
“The decision was taken on account of shortage of smaller denomination notes and to provide relief to the people using parking facilities at Dabolim airport,” he added.
Meanwhile, in order to ensure smooth movement of traffic on national highways the government has decided to extend the suspension of fees on all toll plazas on National Highways across the country till the midnight of 18.11.16. Earlier the exemption had been allowed till the midnight of 11.11.16, and then extended till 14.11.16.
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4 MONTHS TO REPLACE
DEMONETISED NOTES?
* As per Finance Ministry data, Rs 17,50,000 cr worth of currency notes were in circulation in October-end
* Of which around 84 per cent or Rs 14,50,000 crore is in the now defunct Rs 500 and Rs 1,000 notes
* In the first four days (Nov 10 - 13) Rs 50,000 cr were dispensed in Rs 100 and Rs 2,000 denominations
* May take 116 days to replenish financial system assuming that Rs 12,500 cr is being disbursed on a daily basis
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HIGH CASH DEPOSITS TO BE
SLAPPED WITH 200% PENALTY
--
Rlys to accept Rs 500/1000
notes till November 24
---
TASK FORCE SET UP TO
RECALIBRATE ATMs
>> See pg 7
