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Punjab Industry Body Calls For state Wide Protest Against Demonetisation On 16th Dec

December 14, 2016 | By

Chandigarh: The recent move of demonetisation of old high-value notes, has turned out to be detrimental for the businesses because of which the, Chamber of Industrial & Commercial Undertakings (CICU), an industry body of Punjab, has called for a statewide protests on December 16.

The industry association claimed that the state industry has been hit hard because of the insufficient amount of currency available with the banks.

President of CICU Avtar Singh (File Photo)

“We have not been able to give wages to our labour and meet our day-to-day expenses because of insufficient currency available with the banks which has dealt a severe blow to the industry. That is why we have decided to hold protests on December 16,” CICU President Avtar Singh reportedly said while talking to The Tribune (TT).

“Around 30-35% workforce has left for their homes in other states as the state industry is unable to pay them because banks do not have enough new currency with them to disburse to customers,” he further added.

He said 50% production of the industry in almost all verticals has suffered.

Media reports say that the ongoing demonitisation drive had lead to almost 50% drop in output in view of major slump in demand for woollen and bicycles items, both being Punjab’s two prominent industrial clusters.

Several other verticals, including induction furnace, steel rolling mills today also decided to stage dharna in Ludhiana against the demonetisation on December 16.

As per the media reports it was decided in a meeting of office-bearers of North India Induction Furnace Association and Ludhiana Steel Rolling Mills Association in Ludhiana.Industry representatives claimed that steel rolling mills and furnace industry had been hit hard with the demonetisation.

Avtar Singh said the industry representatives would wear black badges on December 16 to express their resentment against the “poor” implementation of demonetisation scheme.

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