Demonetisation: Shopkeepers prefer business on credit over cash

BK Correspondent/Srinagar
November 10, 2016 TOP STORIES 571 Views
Demonetisation: Shopkeepers prefer business on credit over cash

A day after government of India abolished Rs 500 and Rs 1000 notes, good number of shopkeepers in Jammu and Kashmir preferred do business on credit over cash.
Shopkeepers in Jammu refused to accept scrapped Rs 500 and Rs 1000 notes but in return agreeing to give credit to regular customers.
People having 500 and 1000 currency notes are seen requesting shopkeepers to accept the notes on the purchase of items and goods but the regular customers are given relaxation by the shopkeepers with credit facility.
“We already have Rs 500 and Rs 1000 currency notes and if we will accept the same from the customers, we have to visit to the bank for further formalities so we are avoiding it,” a retailer said.
He said people are not spending the small currency notes they are having and keeping it as precautionary to spend it at the places where the shopkeepers are not known.
“At shopping malls and big shops, card swipe machines are doing the business but what to do at vegetable, fruit markets,” said.
She said that though after couple of days life will be on track but till then hardships have to be faced.
“This is a very good decision,”, an educationist asserted.
He said that people may suffer for a day or two but ultimately it is really a curb on black money.
“The money builders are really going to get a setback with the decision and those who have dumped in black, are going to be trapped now,” he added.

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