STOCK MARKET BSE NSE

No small change; liquor sales sink

The Centre’s surprise decision to scrap higher denomination currency notes has hit booze sales

Published: 10th November 2016 01:35 AM  |   Last Updated: 10th November 2016 03:27 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: Liquor sales in the state were hit on Wednesday on account of the Centre’s surprise decision to scrap higher denomination currency notes.
Sales on the day dropped by approximately 20 per cent due to the overnight demonetisation of Rs 500 and Rs 1,000 notes, according to top officials of the Kerala State Beverages Corporation (Bevco), the state government monopoly on liquor sales.
‘’We have not received the final figures yet, but the sales have dipped by around 20 per cent,’’ Bevco managing director H Venkatesh said.

In fact,  the Kerala State Beverages Corporation officials are expecting even worse sales on Thursday, with ATMs and banks expected to be fully functional only by Friday.
On a normal day,  the Kerala State Beverages Corporation sells liquor - brandy, rum, whisky, wine, gin, vodka and beer - to the tune of Rs 28-Rs 29 crore on an average.

With the two high-end notes whisked out from the financial system, Bevco outlets refused to accept them on Wednesday; Rs 500 notes constitute one of the most transacted currency notes in liquor shops, and its ceasing to be legal tender contributed to the slump in sales.
On the other hand, the new development is also prompting Bevco to dust up an old proposal - accept plastic money at its outlets.

‘’We don’t accept cards at present, but we may have to think of it now. There was a proposal earlier in this regard,’’ Venkatesh said.  



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