Will Demonetisation Impact Bollywood Releases?

In a dramatic move on November 8th, Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 currency notes. While we know how it would impact the common man, will PM’s decision impact Bollywood releases?

Film and Television Producers Guild of India's President Mukesh Bhatt has not only appreciated PM Modi's decision to scrap Rs 500 and Rs 1,000 currency notes to curb black money, but also stated that the decision wouldn’t affect Bollywood. "It's a good thing. But the film industry is not impacted by it at all. We don't deal in cash. The film industry has been completely corporatised and cleaned of all cash dealings," Bhatt said in a recent interview.

"From the year 2000 onwards, the industry doesn't deal with cash money. So we are not impacted by this," he added.Rock On 2 producer Ritesh Sidhwani too contemplated postponing the release of the much-awaited sequel. However, as he said in his recent interview, it was too late and felt that piracy would have killed the film if its release was pushed ahead.

"It did cross my mind to push the release date of the film but it was too late, because our overseas delivery was already done, the movie has opened today in Gulf so we would have got killed with piracy so if we would have shifted the India release piracy would have killed us," Ritesh Sidhwani.

While everyone is busy dealing with the currency shortage, Rock On 2 makers have introduced innovative ideas to lure movie-goers.

"To make it convenient, lots of incentives are being offered. For example, there are offers being made through Paytm, they are giving you on 'buy one, get one free' tickets, PVR cinemas are waving off the convenience fee on booking via credit card or debit card," he said.

But he does admit that the new announcement will influence those who don't use credit cards. "It's going to have some impact on the film, but we are trying to find solutions on the ground level. People who don't have access to credit cards, it's going to be an issue for them. Most of the business transacted at multiplexes, is through online medium."

While John Abraham referred to PM Modi’s surgical strike on black money as a ‘good move’, he couldn’t deny the decision’s toll on the BO collection. “Any film that releases this week will be impacted by it, the sales of tickets will be affected , everyone is rushing to the ATMs to withdraw money. We're lucky our movie comes out next week but we're part of the industry, we want all films to do well,” he said.

Sonakshi Sinha sounded a bit confused on the introduction of Rs 2000 notes. “This is great because ideally currency notes should be of a lower value, look outside they have only 100 dollars or 50 pound notes. I’m yet to understand why the 2k note has been introduced but I’m told they will keep a check on it,” she said.

Shyam Benegal feels the decision will take a toll on cinema tickets. “Temporarily the films will be affected. This move will have to run its course, at least in the first week, those films that release this week are going to suffer, they will pick up after a week. When you take a decision to demonetise, wherever currency comes into play, that business will be affected. So will cinema tickets, even in cities like Bombay sales will be affected,” he said.

Here's a list of Bollywood celebrities who took to Twitter to appreciate PM's decision:

Shah Rukh Khan tweeted, "Farsighted. Extremely smart. And not politically motivated. Will bring such a positive change for Indian economy. Great move Narendra Modi,"

This move has certainly brought the entire Bollywood on the same page, which was earlier torn in half regarding the Pakistani artistes working in the industry. Undoubtedly, our celebrities might refrain from commenting on dubious matters but are never late to praise a good step.