32nd Book Fair at Rabindra Bhavan, Sakchi, badly hit by sudden demonetisation

The liquidity crunch following the sudden demonetisation of Rs 500 and Rs 1000 notes has cast a shadow on 32nd book fair at Rabindra Bhavan, Sakchi, Jamshedpur. It has started with 70 stalls and will continue till November 20.
Unfortunately, the steel city residents, tired of standing in queues before banks, ATMs and post offices for valid currencies, do not have buying books high on their priority list.
This has been reported in telegraphindia.com dated 15 November 2016.

Book sellers who have come from Calcutta and other cities were not prepared with wads of notes in smaller denominations. Hence, they have been badly hit when Rs 500 and Rs 1,000 notes suddenly turned invalid and sales sales are down to a trickle. As one of the booksellers said - the demonetisation of Rs 500 and Rs 1,000 notes happened at the wrong time.
On the first day only Rs 750 worth of books were sold when it is usually Rs 20,000 or more. One of the booksellers managed to arrange a card swiping device at his stall.
Many of the booksellers had paid a minimum of Rs 5,500 for a 100sqft kiosk and Rs 11,000 for a 200sqft one - but their business was down by 50 per cent this year. Most customers are standing for hours in queues before banks and ATMs because they first need cash to make their ends meet. Then only can they think of visiting a book fair.


Image courtesy wikimediacommons.org


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