Hyderabad, January 12
Online transactions have given some respite to several businesses that became nil after demonetisation. Without having cash in hands, several customers opted for online shopping. Shopping malls, textile centres, gold shops and others took a step forward and provided swiping machines to attract customers. But the petty traders, footpath sellers have incurred heavy loss as they do not have swiping machines.
None leave city without visiting Charminar and without purchasing items from the shops surrounding this monument. There are thousands of shops and petty traders in this area, who eke out a living primarily depending on the tourists.
But the note ban had a drastic effect on these sales. Several petty traders closed their business while others purchased swiping machines. Due to demonetisation the purchasing trend also considerably fell, cutting the revenue of the shops. It is not profitable for the traders to pay tax to the government from the meager business they do and maintenance of swiping machines is a headache for them.
Above all these problems, withdrawing cash from banks is yet another major problem they are hoping to get over soon.