Note ban: Noida’s small traders find it hard to make ends meet
Post demonetisation effects are turning out to be a nightmare for small businesses and shopkeepers. The unavailability of lower currency notes and presence of new currency notes have made business slide down to a low.
People are struggling to earn for their rented shops and basic needs. The cash withdrawal limit is sufficient only to fulfill the basic daily survival needs. ATMs run out of cash as soon as they get filled while bank queues are horrifying. Crowd of panicky people are thronging banks and ATMs to deposit the old notes and withdraw lower denominations to run their lives.
If the banks fail to provide cash, soon, this might prove to be a backslash for Prime Minister Narendra Modi. The shock currency move aims to bring billions of dollars worth black money but somewhere down the line, the common man and businesses are getting majorly affected.
Small businesses and roadside shops in Noida’s main markets are finding this move downright crippling. These businesses are mostly run on cash as they use hard cash to receive payments for their services and make payments for inventory and goods. It’s unclear at the moment how quickly they will be able to overcome this crisis of small currency notes.
Noida’s Sector 18 market is considered to be the most happening place in the city. There remains a
large number of footfall daily which makes it the most crowded place but these days, the footfall has been limited to just 30-40 per cent of what used to be. Only shops that are able to provide goods against plastic money are surviving in the city while others are living on prayers.
A garments shopkeeper in Noida Sector 18 said that his business has now been limited to just 30 per cent of what it used to be. The major problem is how to earn for the shop’s rent. “Even after hours of opening, we receive no customer walk-in. We have strictly put up a notice on the shop that no credit shall be given as many people were forcing us to provide them credit,” said the owner.
Noida entrepreneurs association’s vice-president, Atul Mittal said: “The market is suffering badly due to this decision. People are running out of cash and the markets look very deserted. There is no availability of small currency notes in the market which makes it very difficult to give change against the bigger currency notes. Plastic money users are the only ones who are a bit less bothered while small shopkeepers and the roadside vendors are grappling with crisis.”