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When Prime Minister Narendra Modi announced on November 8 2016 that Rs 500 and rs 1000 notes are no longer going to be legal tender, the whole country was sent in a state of shock and turmoil. In the days that followed, several arguments were held contemplating the pros and cons of this move. As time progressed, people standing in long ATM queues started expressing their disagreement with the move and people from all across the country started condemning the decision. And now, numbers have started coming for us to get a statistical view of the effect of demonetization, a word that has constantly been in the news for the past couple of months. According to an announcement by the Kerala government, the state lost around Rs 1000 crore in tourism since the demonetization drive was launched on November 8. ALSO SEE Kerala at eighth place on international list of top 12 Destinations to Watch in 2017 Also Read - TY vs CHT Dream11 Team Prediction Women's Super Basketball League 2020: Captain, And Fantasy Basketball Tips For Today's Taiyuan Textile vs ChungHwa Telecom Match at Banqiao Stadium, Taiwan 4.30 PM IST

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This huge loss was suffered on account of the decline in domestic and foreign tourist arrivals. State Tourism Minister Kadakampally Surendran said that foreign tourist arrivals saw a drop of 10 -15 per cent while domestic tourists numbers fell down by 20-30 per cent since November 8. According to Surendran, the timing of the demonetization move coincided with the peak tourist season as a result of which, things went downwards. Kerala secures an annual revenue of Rs 25,000 crore from tourism but this year, it is not the case. The currency crunch has changed people’s spending habits resulting into heavy losses to the tourism industry. In Kerala, it is the houseboat business which has been affected the most. According to Surendran, Kerala’s houseboat business is on the verge of collapse due to demonetization. DO SEE 5 awesome beaches in Kerala that’ll make you want to ditch Goa!

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