Approaching EMI dates, uncertainty about salaries, shortage of money are worrying the citizens

Bombay: The full lockdown and sudden spike in prices for essentials, being forced to stay indoors for 21 days, is certainly impacting citizens’ pockets. That being said, uncertainty as to whether they would be paid salaries has become another cause for concern as people run out of cash, both in hand and in bank accounts.

Citizens are running out of cash as this is the last week of the month and their spending suddenly increases.

Most citizens are also tense as they are about to start a new month and their payment dates for the loan‘s EMIs (equivalent monthly installments) are approaching, but they have fewer bank balances to make the payments.

Notably, several leaders such as Congress’ Ashok Chavan have written to Union Finance Minister Nirmala Sitharaman urging the relaxation of EMI deadlines, at least until the situation is under control.

“I have to pay at least Rs 2 lakh as EMI on the second of every month. It would be my third installment in April,” said one businessman who recently took out a loan to start his business.

“But due to the Corona issue, this month (March) I have not been able to run my business properly and therefore I have not earned the usual amount. I am afraid because April 2 is approaching and I do not have the required amount yet,” added he added.

Ajay Jha, who lives in Ulwe with his family, is in a similar situation. “Early March was almost normal and there was no sign of a full lockdown coming. So, as usual, I spent my entire salary. If I had known something like this was going to happen, I would have cut some expenses and saved money,” he says.

Ajay, who runs a team of housekeepers at a five-star hotel in the city, said he’s now short on money. “There are almost 20 days left and I will not be able to return to work or go to my employer and ask for the salary. I have no idea how my family would survive amidst this lockdown,” he added.

Asha Patil, a sweeper from Chembur, is now at home following the government order. However, she has to bear the brunt, she claims. “My ration for this month will soon be gone. I cannot buy fresh supplies as I have no money at home. I’m confused about what I and my three children will be eating over the next 20 days, as the society where I work has asked me not to continue until this is all over,” she said.

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