Thursday 25th, April 2019
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People bank on credit, traders endure losses across state

Published On : 27 Nov 2016   |  Reported By : Courtesy: DHNS   |  Pic On: photo credit: DHNS


Mysuru, DHNS: Trust helps tide over crisis as month of scarce cash reaches end. The widespread cash distress has pushed people to rediscover older ways of keeping accounts. And trust is playing a big role.

Ramya Arun, a resident of Vijayanagar, has no cash to pay her house rent, but she isn’t worried. “I pay Rs 6,000 a month, and the owner has given me extra time this month,” she says. Shops and vegetable stalls are not accepting new Rs 2,000 notes, saying they have no change.

Suresh, an employee of a private company, sends his child to school in a private van, for which he pays Rs 1,000 on the 25th of every month.

“This time, I paid Rs 2,000 and said I?would pay the rest next month,” he says. “The driver was okay.” Raju, who ferries schoolchildren in his auto, charges between Rs 300 and Rs 900 a month, depending on the distance.

“Parents bring Rs 2,000 notes. I have asked quite a few to pay later,” he says. Rangamma, who hails from Andra Pradesh, has not been able to sell a single pot since high-denomination notes were banned on November 8. “I manage with help from people I?know,” she says. She holds about Rs 10,000 in a bank account in her village, but has no ATM card or cheque book.







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