To overcome the currency crisis, traders are using point of sale (PoS) machines for cashless transactions.

Liquor sale in Vizag tumbles by 20 following demonetisationImage for representation
news Demonetisation Tuesday, November 22, 2016 - 09:24

After the demonetisation of high-value currency notes, the revenue generated from liquor business in Visakhapatnam (Vizag) has come down by 20%, and by nearly 30% in rural parts of the district.

There are a total of 804 wine shops in the three north coastal districts of Srikakulam, Vizianagaram and Visakhapatnam and around 156 bars and restaurants. Visakhapatnam alone has 363 wine shops and 123 bars. 

While the officials of the department of prohibition and excise told Times of India that normally Vishakapatnam district sold nearly 10,000 cases of Indian made liquor (IML) and 6,700 cases of beer a day in the first week of November, but after the currency ban, the department has been selling only 7,500 to 8,000 cases of IML and 4,500 to 5000 cases of beer.

However, till November 11, the liquor outlets were accepting Rs 500 and Rs 1,000 notes if the consumer buys products worth the full amount, but the ban in high value currency had a huge impact on the sale. 

The situation is no different in Vizianagaram and Srikakulam districts.

Vizianagaram has around 207 wine shops and 18 bars, while Srikakulam has 234 wine shops and 15 bars.  

"We generally earn Rs 2 crore on normal days and Rs 3 crore in the peak seasons like November. But due to the demonetisation, the sale had dropped to Rs 2 crore to Rs 2.5 crore now," Vizianagaram district excise department superintendent A Shambhu Prasad told the Times of India

To overcome the currency crisis, he has asked the traders to use point of sale (PoS) machines for cashless transactions.

 

Show us some love and support our journalism by becoming a TNM Member - Click here.