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Cost of demonetisation for India Inc: Stranded trucks, unpaid workers, cancelled bills

With just the small stock of smaller denomination notes available and a struggle to get hold of new bills, consumers are holding back.


Reuters  |  Mumbai, New Delhi 

Like millions of Indians fed up with corruption and counterfeiting, Vimal Somani cheered Prime Minister Narendra Modi's shock move to replace all high-value banknotes. Two weeks on, his business is being hammered by the ensuing cash crunch. Sales at Somani's aluminium foil maker, Rockdude Impex, have fallen by roughly a quarter in the past week, and the cash shortage that followed the "demonetisation" drive has left his supply chain in tatters: his trucks are stranded with no money for fuel, workers won't load goods for free, and distributors can't pay ...

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First Published: Mon, November 21 2016. 10:58 IST