A biryani seller sits idle while people queue up outside banks
The government decision to scrap the Rs 500 and Rs 1,000 notes has had a devastating effect on business. In the absence of buyers, Noida shopkeepers are contemplating shutting shop till the currency crisis is over. Shopkeepers are complaining that while sales are at an all-time low, their overhead expenses such as staff salary and electricity bills continue unabated.
Naresh Kucchal, district president of Uttar Pradesh Udyog Vihar Pratinidhi Mandal, told City Spidey that in the past three days business in Noida has slowed down by almost 80 per cent. "Small shopkeepers are facing more problems than the big showrooms, as they don't offer customers the means to make credit and debit card payments," he added.
When City Spidey visited Noida's Atta Market on November 11, shopkeepers lamented that there was no point opening shop with the currency crisis still acute. Shailendra Kumar, a shopkeeper at Atta, said there had been a drastic drop in the number of customers as compared to last week. "Not everyone carries debit and credit cards; there are many who solely rely on cash payments, and their absence has hit us hard," he added.
Jaspal Singh, the owner of a garment shop in the area, said that on both November 10 and 11, he had not sold a single thing all day. However, he is hopeful that the weekend will be better. "People do tend to shop on weekends, but if the situation does not improve by November 13, I will keep the shop closed till the currency problem is sorted out," he added.
