GOAN SPECIAL
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PANAJI
Last month, bank officials visited Panaji market, briefing them about moving to cashless payments using Unified Payment Interface (UPI) and mobile point of sale (MPoS) machines. But a month on, vendors as well as the general public still prefer cash over cashless.
Fruit, vegetable and flower vendors have come to terms with the after-effects of demonetisation and are slowly getting back to life by dealing in Rs 100 and lower notes. But going entirely cashless is still viewed with skepticism and doubt, with only two vendors opting for an online wallet as a platform.
Noorahmad Rumalwale smiles as he stands next to a placard with a code and his phone number. In a day, he receives between two to three customers who chose the e-wallet platform over cash.
“I had applied to the bank for a MPoS machine, but they didn’t have it, and instead suggested I opt for the online way instead. My first preference would be cash in hand rather than an online transfer,” he said.
He, however, complained that a 2 per cent deduction in the amount he received was a factor that would deter him and others from using the platform. Behind him, the only other online wallet user also complains of the same problem.
Save for the two, the rest of the market deals in cash, and would prefer to continue this way.
“We deal with amounts as small as Rs 100 and Rs 50. It makes no sense having to use anything other than cash. Then there is the problem of paying daily wages to the workers whom we employ,” explained Nissar Abdulla, who has spent over 10 years working in the market.
Teresa Fernandes from Vasco sells coconuts and homemade vinegar and sees it as being pointless switching to anything other than cash. “I can’t even use a normal phone, so how can I deal with money? It is the uneducated, naive ones like us who stand to lose our money with the use of this sort of technology,” she pointed out.
Though most of them welcomed the recent awareness drive undertaken by banks, the vendors are against spending money to buy the machines that are currently unavailable.
However, on the first floor of the Panaji market complex, shop owners have already ordered for MPoS machines that are expected to arrive on Friday.
“I have no problem switching over to the machines or e-wallets. So far, we’ve been accepting cheques for large amounts. It may take a while to get used to, but over time the change will be okay,” said gold shop owner, Vilas Haldankar. Mobile phone shop owners also echoed his opinion, but added that cash would be their first preference.
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Last day to deposit old notes
PANAJI: Today is the last day for people to deposit banned Rs 500 and Rs 1,000 notes in their bank accounts. This regulation came into effect when Prime Minister Narendra Modi announced the demonetisation drive on November 08.
Banking sources, however, revealed that most people in Goa have already got their old notes either deposited in their accounts or exchanged through banks.
Meanwhile, December 30 is also the last day for ATM transactions to be absolutely free of charge to savings bank customers. Prior to demonetisation, banks used to levy a charge on ATM transactions. But, Reserve Bank of India had directed banks to waive off ATM charges on transactions by customers at their own banks’ ATMs or even other banks’ ATM between November 10 and December 30.
Today is also the last date for people to withdraw a maximum of Rs 2,50,000 either for their own marriage or that of their kids. Further directions on demonetisation are awaited from the Central government.
