1. Demonetisation: Owners send workers to queue up for cash deposits at banks

Demonetisation: Owners send workers to queue up for cash deposits at banks

Many industrialists and business owners, post the demonetisation move announced by Central Government, are sending their workers to queue up outside banks and ATMs to score new currencies for them.

By: | Published: November 17, 2016 11:08 AM
Demonetisation, Currency Chaos, Note Ban, Mayapuri Industrial Welfare Association, Central Government, BJP, Demonetisation News, Currency News, Old Currency Ban Many industrialists and business owners, post the demonetisation move announced by Central Government, are sending their workers to queue up outside banks and ATMs to score new currencies for them. (Source: PTI)

Post the demonetisation announcement made by the Central government on November 8 that scrapped the old Rs 500 and Rs 1,000 notes, it has been observed that many industrialists and business owners are now sending their workers to queue up outside banks and ATMs to score new currencies for them.

However, many businessmen have complained of a production slowdown as workers are skipping work to withdraw or exchange money, but when asked workers say that they have been asked to do so.

Talking about the same with Indian Express, Mayapuri Industrial Welfare Association President, Devinder Singh said that post the currency ban, there has been a massive 50 per cent dip in production and the demand has fallen too.

More than half the workers/employees from various factories of Mayapuri are spending more time queuing up outside banks and ATMs as they are running short on money for food and other fundamental needs. So, they are letting their workers stay away from work as long as they need, he added.

As per a worker at an iron engineering works unit in Mayapuri Phase I, who was standing in queue outside a bank with Rs 35,000 in old notes, the amount was given to him by his owner who has asked him to deposit it into his own account. The owner said that he would deduct Rs 5,000 from his (worker’s) salary every month till the amount is recovered and has also kept his Aadhaar Card and asked for a local guarantor. The owner has also asked many other workers to do the same – some have deposited lakhs of rupees.

Many such cases have come out from different parts of the country, post the note ban announcement. Businessmen and company owners have now found a way to ensure safety of their black money. This has not only slowed the production speed, but have also put convenience and life cycle of these workers on stake. As old currencies as not being accepted in the market, these poor workers are facing fearsome trouble in their daily living.

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