KOCHI: To overcome the difficulties posed by the sudden demonetisation, the common man is revisiting the good old methods that existed in the economy. The credit system, where the customers buy goods and pay later, and invest an amount in advance with the shopkeeper to buy goods according to the needs are the two ways which were disappearing gradually from our formal economy.
The major reason for this was that there was enough money in circulation post-2010 and even common man was dealing with Rs 500 and Rs 1,000 notes. But with the withdrawal of high denomination notes, the customers who are finding it difficult to exchange their Rs 1,000 and Rs 500 notes are now giving it to the shopkeepers. The shopkeepers will give them the bill for the actual amount for which they buy the items. A slip showing the balance amount will also be given to the customers, which he will show during the next purchase. The bill carrying the balance amount thereby becomes his hard currency to meet the day-to- day requirements.
“Soon after the announcement of the demonetisation drive, I gave five thousand rupee notes that I had in my wallet to the grocery shop from where I used to buy provisions regularly. Since then, the amount for which I purchase from the shop is being deducted from that amount. I hope I will be able to purchase provisions till mid-December with that amount. By then the demonetisation will also see a bond between the customers and shopowners strengthening once again. “You can call it forced or wilful, but it is true,” they say.
There is a sudden dip in sales of small and medium grocery stores and so they are forced to give credit to reliable customers. “Since the demonetisation of old currency notes by the government, we are not accepting old Rs 500 and Rs 1,000 notes. We are not even in a position to accept Rs 2000 note because we do not have enough change to give the balance amount. But we do not want to lose our regular customers. So we give them the required items on credit,” said Moly who runs Fantasy bakery in Kaloor.
Siddique who owns Metro stores on SRM Road said: “If a regular customer comes to our shop with Rs 2,000, we don’t accept the money but rather provide them our goods on credit until the whole Rs 2,000 is consumed. Also we create an account of their every purchase.”