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How Has Demonetisation Affected People of Kudla?

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It’s been one week, since the deadline of exchanging now invalid Rs 500 and Rs 1000 notes. The ques in banks and ATM’s have also become less. The business is also said to have come to normal. We spoke to some Mangalorean, who gave their opinion on demonetisation:

Sharadha, a fisherwoman, who sells fish in fish market near State Bank said, “We suffeed a lot for almost a month. Our business dipped due to ban of notes. Customers were busy standing in ques, that they did not have time to buy fis. As you know, Mangaluru people love fish. But the month of November was very bad on us. However it is fine now. Even though it is not good as before, it is good. We all are doing well.”

When asked if demonetisation was necessary, she smiled and said, “I do not know. As a common citizen of this country, I can take some troubles. So I had a dip of business for one month, I managed it. If it is good for our country, I am happy. But I hope the culprits, who have black money are caught. As far as my knowledge, there are so many rich people who have exchanged the notes. So waht was the use of this,” she questioned.

Richard, owner of provision store near Bejai said, ‘Business had gone down. But now it is average. Some people come with new ₹ 2000 notes, for which I cannot give change always. The business has dipped more than 20 percentcompared to October last year. I am planning to put swiping machine in my shop and ope my business grows. I think tis is a good move by government. Atleast this government has done something. I hope the menace of black money comes to an end.”

Dhruva, a techie working in Infosys said, ” Demonetisation has hardly affected me. I hardly use cash. I make all my payments through debit as well as credit card. I pay my bills online. My loan amount is also debited from my bank account directly. It has not affected me at all. I only make cash payments to my maid servant. I have paid her in cash, which I had removed before the order was given. I feel it is a great move by Modi. I think it is high time we start using plastic money, like how they do abroad.”

Real estate is said to be the biggest sector which was affected by demonetisation. A manager of a popular builder, wo did not like his anme to be revealed said, ” The real estate sector is worst affected. As we all know, balck money thrives in real estate. Due to boom in real estate in early 2000, many builders came up with many projects. Today there is no demand. NRI’s who were our main customers are fed up as there are not getting desired yiled and preferring to invest in other. Demonetisation has affected us big time. IT professionals and those who work are the only one who are buying flats now. Businessman who are having black money are scared to invest in real estate. With rumours doing round, that Modi government will target benami properties next, the fear among builders have increased more.”

Akshay, an employee of popular private bank said, ” The move is surely a good one. But the implementation was poor. We bank employees suffered a lot, as it was really stressfully. There were also many loopholes in this. Better planning could have made the scheme better. Many people suffered especially senior citizens and ladies.”

The term demonetisation was known only to few. However now, even a kid will know the meaning. There have been many pros as well as cons in demonetosation.

The cons have been the number of deaths, conversion of illegal notes to legal by mafia on commission basis, bank officials being involved in scam and so on.

The pros have been increase usage of plastic money, decrease in terror financing and instilling fear in mind of black money hoarders. It is early to give a statement that was demonetisation was good or bad.

People of Mangaluru have given a mixed response for this. Let us wait for few more months before coming to conclusion on this topic.

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