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Since November 8, people have been exploring ways and means on 'how to convert black money into white' and this has come as a boon to some sectors.
Business Standard has compiled as few sectors that have gained massively, courtesy demonetisation:
Apple sales shot up in November after customers rushed to buy iPhones with banned higher currency notes. According to reports, iPhone sales soared in India in the three days immediately following demonetisation, as stores booked sales with back-dated receipts. Significantly, iPhone 7 and iPhone 7 plus, are among the most expensive phones in the market, costing between Rs 60,000 and Rs 92,000.
Demonetisation has made temples a lot wealthier. Over the past three weeks, there has been a surge in hundi deposits and donations, most of which have been in the banned 500- and 1,000-rupee notes.
But after the excited panic buying on the night of November 8 sales dropped by as much as 70 per cent coupled by fears of surveillance by the income tax department.
Fintech start-ups are the biggest beneficiaries of the government’s demonetisation initiative. Paytm, for instance, has said that it has seen a 250 per cent spike in overall transactions, which includes a 400 per cent increase in offline payments. PayU India has registered an 80 per cent jump in transactions, while Bengaluru-based Ezetap, which makes its own point-pf-sale (PoS) devices, saw a 25 per cent spike in transactions. Freecharge claimed that the average wallet balance on its platform rose 12 times since the announcement.
7. e-Wallet firms gained traction too. E-wallet companies are seeing a sudden surge in customer base and transactions following the Centre’s demonetisation move, according to netCORE Solutions, whose clients include Citrus Pay and Ola Money. Companies in this space, such as Paytm, MobiKwik, PayU India and Freecharge saw a surge in e-wallet-based deals within few hours since the announcement. Moving with the current, Snapdeal and FreeCharge launched a “wallet on delivery” plan within 24 hours of demonetisation. Flipkart has increased point-of-sale (PoS) machines to cover more than 120 cities (3,000 pin codes) and has started wallet cashbacks. Amazon too launched offer to go cashless.
8. E-commerce: Flipkart, Amazon India and Snapdeal plan to increase discounts to drive sales. Over the weekend, Flipkart offered around 40-80 per cent discount on various items. Myntra offered discounts of up to 70 per cent. Amazon India handed out flat discounts of 40-70 per cent in its crucial fashion category.
9. Debit cards/Credit cards: Government has waived off service charge on cards, hence, people are using them more freely. Economic Affairs Secretary Shaktikanta Das said, "All public sector banks and some private sector ones have agreed to waive the transaction cost for all payments made through debit cards." This fees waiver has been activated till 31st December.
10. Salons and Spa: Branded salons such as Jawed Habib’s and Head Turners continue to accept the demonetised notes of Rs 500 and Rs 1,000. An Economic Times report said that in a bid to ensure demand for their premium services, some have even launched a special membership drive under which one can avail services worth up to Rs 50,000, with cash deposit of Rs 25,000.