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A year of note ban: Despite widening losses, small retailers still back BJP

All shopkeepers involved in the exercise said fewer customers wanted to pay through cashless modes, so fewer shopkeepers have invested in non-cash payment infrastructure such as card swipe machines

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“Notebandi ka kya faayda hua? [What was the use of demonetisation]” asked Lalita Yogesh Patil, her face red, voice terse and breath short. Heaving a sigh, the diminutive mother of two sank into her withered plastic chair and said softly, “It has only brought us ruin.” It has been a year since India announced the scrapping of Rs 1,000 and Rs 500 notes–86% of India’s currency in circulation, by value, at the time. Four months and eight days ago, a new Goods and Services Tax (GST) regime was introduced. The government claimed that both policy ...