Local Goa News

Thursday, November 24, 2016

Citizens wonder if they’ll get cash in hand on pay day

Panaji: Two weeks after banks began to exchange 500 and 1,000 in the aftermath of the demonetization shocker, the state continues to grapple with a severe cash crunch. With days left for employees to be paid, salaried citizens are now wondering whether they will be able to get access to their money or whether it will remain as a mere number in banks.

While most companies disburse salaries electronically, some sectors, especially the retail and unorganized sectors, depend heavily on cash. Florists, grocers, bakers and small restaurateurs are a worried lot. With the month coming to an end, they have to clear their monthly credit bills, and with cash in short supply, they are staring at a bleak pay day.
“Usually I withdraw my salary and send a DD or deposit it in my parents’ bank account. Maybe I will withdraw 2,000 every day and then send the money home,” Biswas Kumar, who works as a security guard in Miramar, said.
Immediately after PM Narendra Modi’s November 8 announcement, the Goa Government Employees’ Association (GGEA) had demanded that the state pay salaries for November in cash instead of the usual electronic clearing system (ECS), a demand that the government shot down.
Anand Shirgaonkar, a driving instructor, confessed that his employer had already informed him that his salary would be delayed in December due to a drop in enrolments and paucity of cash.
Although December is a month of festivities, caterers are in a tight spot, with the industry depending heavily on daily cash payments for raw material purchases and salary payments.

TOI Goa News

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