PANJIM: The move to demonetise the Rs 500 and Rs 1000 denomination notes has come as a blow to the retail trade in Goa. From the outlet that sells ceiling fans to the one selling jewellery, everyone has taken a hard hit. But those who could, made a killing by taking advantage of the situation.
Like one jewellery store in Panjim that sources said remained open till 3.30 am one night last week to help people buy jewellery and accepted cash. No the jewelers was willing to reveal if they had done so but were keen to point fingers claiming other jewellers were taking advantage of the situation.
Then there was the outlet selling fashionable and expensive watches, where the owner smiled and said, “Why don’t you come to my outlet? There is nothing left to sell. Business was fantastic, they came and purchased, they came in numbers. I am happy.”
There is also the white goods dealer in the State who said he had people coming over who wanted over 10 high end TV sets. The bill he assured Herald, would be in the lakhs.
And then there are those who took a hit. Upendra Joshi of Shree Ganapati Enterprises, that has been selling water heaters, fans and other basic electrical items for the home was crestfallen as he said that no one had walked into his shop for three days.
Joshi said, “I have been in this business since 1975 and it has been good but these kinds of days are new to us, absolutely no business. I have entertained calls from old clients enquiring if I was willing to take X amount of cash in Rs 500-1000 and I turned them down. I am scared, I don’t need hassles. Should I just shut down the outlet and sit at home, you tell me what should I do.”
Singbals, the brand that encompasses books and watches, has been experiencing average sales. Ajit Singbal said, “Business was improving from the time when the announcement was made, however, now people are gradually coming in and paying for purchases with credit and debit cards.”
Brijlal Shankwalkar, who has a business selling artifacts, said business was pretty decent. He said, “We have stopped accepting the old notes but I keep answering calls from people who want to buy artifacts in large numbers thus ensuring a huge bill. The catch is I have to accept Rs 500 and 1000 notes. I don’t need that.”
At Champs Panjim, Simon smiled and said business had been affected but it was improving now. “All our customers come in and pay by credit, debit cards or cheque. It has made life easier for us,” he said.
Perhaps nothing signifies the state of the economy more than the alcohol industry. Many of the dealers provide consignments to local hotels on credit which is later paid only in cash. With the value of these numbers quite high, there is some trepidation as to how business will continue.
The retail trade in the State has been employing cash bills predating the announcement by the PM in an attempt to fool the taxman.
