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Demonetisation hits RTC hard

Tirupati: The demonetisation which had an adverse impact on business and trade besides causing hardship to all sections of people impacted the revenue of Tirupati APSRTC region also. Before the demonetisation was declared by Prime Minister Narendra Modi on November 8, the average daily earning of Tirupati region was Rs 1.67 crore which came down to Rs 1.61 crore after the announcement. The region is operating 1,432 buses covering Chittoor district including the bus service to the temple town Tirumala, the abode of Lord Venkateswara.RTC Regional Manager V Nagasivudu, however, observed that demonetisation alone was not the reason for the fall in the income. November and December months are normally the lean period while the pilgrims rush to Tirumala is also comparatively less during the winter months reducing RTC revenue, he said adding that demonetisation is only a coincidence for the fall in the revenue. He said that the revenue from the bus services to the rural areas witnessed fall in the number of passengers after the withdrawal of big notes of Rs 500 and Rs 1,000 resulting in cash crunch more so in the rural areas. The RTC official said that the income in the region derived in November this year is more than the revenue earned in the same month last year. Last year in November, the daily average earning of Tirupati region was only Rs 1.47 crore, he said. In other words, Tirupati region average earning in November this year is Rs 15 to 16 lakh more compared to last year same month, he said claiming that demonetisation effect which was minimum would not be there in another two or three weeks. In fact, in the current financial year, RTC Tirupati region is witnessing a significant increase in the revenue right from the beginning of the financial year, he said citing the earning of the region from April to October. In April this year, the region earned Rs 8 crore (more compared to last year); May-Rs 16 crore; June-Rs 5 crore; July-Rs 1.1 crore; August-Rs 8 crore; September-Rs 7 crore and Rs 5.5 crore in October. In all, the RTC Tirupati region registered Rs 50.6 crore more from April to October compared to the same period last year, he said exuding confidence that the trend would continue in the remaining months of the financial year. He attributed the surge in the region’s revenue to bring more service under advance reservation facility and effective monitoring in the bus stand on the operation of bus services with a stress on punctuality.

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