Currency crunch hits liquor trade in tricity, sales plunge
The liquor sale in the tricity has touched an all-time low due to scarcity of cash withw the people and card-swapping facility not available at most of the vends.punjab Updated: Nov 13, 2016 13:18 IST
The liquor sale in the tricity has touched an all-time low due to scarcity of cash withw the people and card-swapping facility not available at most of the vends.
However, the liquor sales in Chandigarh are a shade better than SAS Nagar and Panchkula as there are many high-end stores in the UT where people can pay through debit or credit cards.
In Chandigarh, the average daily liquor sale before demonetisation was Rs 2 crore, which has come down to about Rs 70 lakh.
“The sales have come down to 30% of the routine as we are not accepting the demonetised currency,” said Satpal, a liquor contractor in Chandigarh.
“The business has definitely taken a beating. On Friday, the sale was only 40% of the normal days, but we are expecting an improvement in the coming days,” said Lalit Garg, a liquor contractor in Chandigarh.
DAILY SALES DIP BY 90% IN MOHALI
SAS Nagar: The average daily liquor sale in the city here that was around Rs 20 lakh till four days ago has plunged down by 90%. People have little buying capacity in absence of cash and vends are not accepting Rs 500 and Rs 1,000 demonetised currency.Though the liquor vends in the district had made a killing soon after PM Narendra Modi’s announcement of demonetisation on November 8. The sales had gone up by 20% in a few hours and many people bought cartons of liquor to exhaust the Rs 500 and Rs 1,000 notes. “The sales are as low as 10% as compared to normal days. As the smaller denomination is not available with the residents, they are not buying liquor,” said Gaurav Jain, a liquor contractor in SAS Nagar.
PANCHKULA EQUALLY HIT
Panchkula: The sale of liquor dipped by nearly 60% in Panchkula on Saturday. One of the owners at a liquor vend in Sector 8 said, “We were accepting all types of denominations till Friday midnight. We stopped accepting Rs 500 notes this morning itself as per the government directions.”
Owners of the liquor vends said soon after the Prime Minister announced banning the Rs 500 and Rs 1,000 currency, there was a mad rush in taverns and people ordered for the most expensive liquor as they had the impression that the currency was worthless.
Another liquor trader said, “We accepted banned currency till Friday midnight. Most of us have the card-swapping facility, that’s why we are not affected as much.”
First Published: Nov 13, 2016 13:15 IST