1 January
2017
PUNE: Demonetisation
would be the single largest disruption that the manufacturing sector has seen
this year. Sanjiv Shah, treasurer of the Pune Metal Finishers Association, said
this move had affected the automobile sector the most with sales of cars and
two-wheelers registering a 30 per cent dip.
Shah said in the first month post demonetisation, he faced
problems in paying salaries to his employees. “Demonetisation was announced on
November 8 but prior to that, I had withdrawn the total amount in denominations
of Rs 500 and Rs 1,000. However, when my employees could not get these notes
exchanged, they brought them back to me,” he said.
Due to the heavy rush in
banks, the first month was a challenge in terms of payment but the month after,
Shah ensured everyone was paid by cheques. “With banks unable to dish out cash,
employees had a hard time footing their monthly expenses,” he said.
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