STOCK MARKET BSE NSE

Currency crisis clips the wings of small-time entrepreneurs in city

Six days into the month, and almost 30 days after the announcement, the effect of demonetisation continues to haunt people.

Published: 07th December 2016 02:47 AM  |   Last Updated: 07th December 2016 04:43 AM   |  A+A-

Express News Service

HYDERABAD: Six days into the month, and almost 30 days after the announcement, the effect of demonetisation continues to haunt people. With ATM shutters down, and queues at banks getting longer by the day, relief for small time entrepreneurs is far sighted.
Sangeetha P is a school teacher who also takes tuition classes for 40 children after school hours. They contribute majorly to her monthly income.

However, there has been no in flow of cash in November and December. “A lot of children come from nearby government schools. Tuition fee is also meagre and they generally pay me whenever they can. Last month, after old notes were rendered useless, I didn’t accept them. Only 10 or 12 children paid. This month, I am still waiting for them to pay,” shared Sangeetha.
None of her students can make use of an alternative payment method like cheques or Paytm. “They can write a cheque for `150 and `200, but it will be tedious for me to get all of them exchanged for money,” she added.

On the other hand, Meera Ramesh, who tutors around 12 children and takes classes in Saket shared there was panic among parents at the start of the month. “They regretted that they couldn’t pay on time. They made delayed payments online and through cheques,” said Meera.
A month later, struggle for small biz continues

Designer and small-time entrepreneur Sunitha Rao has a textile business and her customers are mostly women. They purchase sarees and dress materials on instalment where they pay as little as `300 a month.
“Last month, there was great confusion for change. This month, I haven’t received anything.”
“There is no money on rotation and I am yet to pay my vendors,” rued Sunitha, who is now planning to get a swipe machine to get payments.
“I should have done this earlier but now it is a lot more urgent and necessary,” she added.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp