- Mumbai rains LIVE updates: Local trains, airport slowly resume services; schools and colleges to remain shut today
- Video: Alibaba billionaire founder Jack Ma pulls off the COOLEST Michael Jackson moves
- Akshay Kumar tweets THANK YOU to fans who celebrated his birthday by organising free food, books, medical check-ups for the poor
Exactly a month after the announcement of demonetisation, publishers in College Street, the hub of publishing industry in Kolkata, are feeling the pinch as sales have plummeted to one-tenth of the corresponding period in recent years. “The situation is really bad ever since the Rs 500 and 1000 notes were banned all of a sudden as cash transaction in College Street, popularly called Boi Para, has gone down to 1/10th as compared to the corresponding period in recent years,” Tridib Chatterjee, Secretary of publishers apex body, Publishers and Book Sellers’ Guild told reportes.
Chatterjee said he was speaking on the basis of the feedback received by his own publication ‘Patrabharati’ and other book shops and publishers in the area. A book stall owner near Presidency University, which sells textbooks and guide books for competitive exams, said cash transactions which used to be the major source of earning in all these years have now taken a dip.
“Sale usually peaks during winter but this time it is showing a downward slide as far as College Street book market, is concerned in the past one month,” Chatterjee said. On whether the trend would continue during the coming International Kolkata Book Fair, Chatterjee said he did not know if the cash flow would be better by then.
“But we are asking all participants to introduce card swipe machines in the stalls,” he added. Last year the Book Fair registered Rs 20-25 crore in book sales. “But we are committed to organise the book fair retaining the same glory and ensure participation of the public. It is a global event,” he said.
“We are going through a very difficult period. With the exception of a few publishers, most are struggling to stay afloat as most of the trade is cash-dependent,” said the owner of ‘Nabo Chalontika’, a publisher whose office is located next to Indian Coffee House. The situation is no better in the ongoing local book fairs organised in the districts and in and around the city.