Cash for sale, at 10% commission

Visakhapatnam: Ch V Kiran Kumar, an employee in an IT company went to several ATMs to draw cash but with no luck. On a friend’s suggestion, Kiran Kumar approached a bar and restaurant manager and requested for Rs 1,000 cash.

The manager of the bar demanded Rs 100 as commission for the Rs 1,000. Kiran has no option but to swipe his debit card at the PoS of the outlet for Rs 1,000 to get Rs 900. Not only Kiran Kumar, large number of people are buying the currency by paying 10 per cent commission.

With the severe currency crisis prevailing in the state, various petrol outlets, wine shops, bars and other commercial establishments began sale of currency. Initially, the managers and employees did the business; however, after observing the returns, the owners also swung into action and are offering currency by taking commission.

Not only petrol outlets and liquor shops, some other business houses also started the business and are earning good commissions. “What can we do? During the demonetisation, the government assured the people that Point of Sale (PoS) machines will be kept ready everywhere to ensure cashless transactions. However, still 80 per cent of the common people lifestyle depends on cash transaction only.

At vegetable shops, RTC buses, Rythu Bazars, milk vendors, LPG cylinder delivery boys, tiffin vendors, small and middle scale restaurants and pan shops there are no PoS machines. The daily labourers, servant maids, small and middle income salaried employees have been facing tough times with the problem.

I am not finding fault with the bar and restaurant manager who demanded Rs 100 for giving Rs 1,000 cash. It is the failure of the government,” Ch Kiran Kumar said expressing deep anguish over the government’s policies that led to this situation. However, no government official is responding on the issue. The police, revenue officials are saying, if there is any complaint from anyone on the ‘sale of currency’ they would look into the issue.

“What type of cases can be registered, even if there is a complaint? There will not be any proof for the complaint. In fact, I am requesting the media not to spread this type of news. At least, the people are getting cash from some sources. However, according to the Money Lending Act, it is crime.

If, we calculate the rate of interest, the persons who are taking huge commissions are supposed to be prosecuted. But who will come forward to fight?” an IAS official told The Hans India.

By VK Lakshmi Gayatri