The issue of new notes has made rental payments situation much more critical for both tenants and owners.The impact of demonetization has been drastic on both parties. A survey conducted by FastFox.com, the widest searched rental portal, revealed some of the most mind blowing facts. The survey was conducted among 14,000 registered tenants of Fastfox.com.
Astonishingly, it revealed that approximately 66.34 % of tenants have switched rental payments. Moreover, the change has been seen from cash mode of payment to electronic or cheque payments(non-cash payments). Furthermore, this includes 18.63% tenants switching from cash to cheque and 47.71% changing cash to e-transfers.
The reason for change could be because tenants find it easier to pay via cheque or electronic mode. Furthermore, some of them really want their owners to pay tax and not to keep the rent as black money. On the other hand, other tenants need receipts for their own tax evaluation.
As a result of e-payments, cash payments have majorly decreased from 45.88% to 15.44%. By and large the change has been witnessed after December. In addition, cheques have more or less increased from 15.44% to 22.79%. Consequently, a massive increment can be seen among e-transfers i.e. from 38.68% to 61.77%.
At this point, owners are still avoiding non-cash payments and only taking cash payments to save their own tax. Moreover, at some places owners are telling their tenants to leave premises if they are unable to pay cash. Furthermore, under these circumstances owners are being bothered by tenants forcing them to only take non cash payments.
In my opinion the conclusion is very clear and state after demonetization has not only seen a change, but an effect. In other words demonetization has caused drastically to shift tenants to a cashless society our beloved Prime Minister dreams off.