Eateries in Chennai hit hard by demonetisation

Eateries, big or small, have been hit hard in Chennai by demonetisation. Business at small food and beverage joints as well as supermarkets and malls in the city has taken a hit following the sudden demonetisation drive.
This has been reported in thehindu.com dated 16 November 2016.

A juice shop owner has said that his business had declined by 75 per cent. To make matters worse, people come with notes of Rs. 2,000 and ask for change. Another tea shop owner who used to sell 150 cups a day now sells less than 50. Similarly for a man who operates a snacks and tea shop - his business had halved.
Moreover, at some smaller food outlets, owners are accepting debit card payments in order to retain customers - some of them are even swiping debit cards for bill amounts as low as Rs.30-40. The shop owners do not have much choice other than accepting debit cards payment even for amounts less than Rs.100. It would be a loss for him because he would have to pay two per cent service tax for every swipe.
Larger restaurants are also witnessing a drop in their business. But, high-value restaurants have not been affected too much since 65 to 70 per cent of customers pay by card.
In supermarkets earlier, 60 per cent of the customers used to pay by cash and, now, over 80 per cent follow that route.


Image courtesy wikimediacommons.org


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