The Indian Wedding Industry Is Hard Hit By The Ban On 500 And 1000 Rupees Notes

Weddings are supposed to be a very happy and joyous affair. But, people who are getting married in this wedding season (November 2016) are expected to have a very bumpy ride. All thanks to the ban on high denomination currency notes (500 and 1000) by the Indian Government, to destroy the black money in the country.

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Under this scheme, all old 500 and 1000 rupee notes have been banned. Only smaller denomination notes like 10, 20, 50 and 100, or the newly printed 500 and 2000 rupee notes are being accepted by vendors.

Although, the government has come out with many ways to help people sail through this difficult economic situation, their hands have been tied down by the unavailability, or should we say insufficient availability of cash.

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In this scenario, the wedding industry has been hit really hard from all sides. From clothes to jewellery, everything has been adversely affected. Smaller vendors and service providers like caterers, flower decorators and ration shop owners are also in a fix.

The jewellery market is one place where most people buy stuff in cash, in order to convert their black money to gold. It also gives the jewellers a chance to keep unaccounted money. Thus, this market will be hit hard too.

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Weddings are completely cash-driven events. One just cannot think of getting through a wedding without sufficient cash in hand. This reflects in the lamentation of Mrs. Kamlesh Puri, a resident of Rohini in Delhi, whose son’s marriage is just around the corner.

Here is what she had to say:

“I had to go and pick up my daughter-in-law’s lehenga from Chandni Chowk yesterday. But, due to this scheme, I am in problem now. Nobody accepts cards and cheques in a wholesale market like Chandni Chowk.”

Nandita Das, a Delhi based wedding planner shared:

“Cash purchase of gold and silver jewellery is common for weddings. People usually prefer cash transaction since these purchases allow the buyer to convert black money into gold. It also affords jewellers an opportunity to keep unaccounted money. Plus, all wedding expenses such as catering and decoration are done in cash. Weddings are cash-driven events,”

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We totally feel the agony she must be facing right now. Another resident of Mukherjee Nagar in the capital, Mrs. Veena Katyal, whose daughter is getting married in 4 days, has this to say about the demonetisation scheme:

“My daughter’s wedding is on 14^th November, and the mehendi wala has backed out saying that if we don’t pay him in cash, he will not come for the ceremony. We have no idea how we will pay all these small vendors!”

The problem of all these people is totally understandable. Wedding planners and event managers are of the opinion that most families have already withdrawn huge amounts of cash comprising of high denomination notes. This means they will now face problems, as India and weddings are completely driven by cash.

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