Wednesday, August 10, 2022

Offshore casinos struggling post currency demonetization


Goa’s offshore casinos have been hit hard ever since Prime Minister Narendra Modi moved to scrap the 500 and 1,000 rupee notes in early November, local media reports.

With limited available cash, people have been staying away from the offshore casinos, causing many to close shop temporarily, according to India Times.

"The business has been low ever since the announcement was made and has not improved till now," said one casino employee, adding that management has rolled back the decision to allow payments in the demonetized currency which was allowed initially.

"As the crux of the operations is based on exchange of currency in cash, there are not many customers now. Also, there is a short of 100 notes and even if one has a 2000 note, we are facing a problem in giving change," the employee added.

Casino Pride’s management also said the business had suffered since the news of demonetization.

"The casinos remained shut for 2-3 days as the business was low," said Mary, marketing manager of Casino Pride, adding that the business has improved slightly following the introduction of 2000 note.

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