Demonetisation:Punjab industry body to hold protests on Dec 16

Claiming adverse impact on businesses following the demonetisation of old high value notes, the Chamber of Industrial & Commercial Undertakings (CICU), an industry body of Punjab, has called for 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.
Punjab Congress Chief Amarinder Singh has extended his support to the proposed protests decided by CICU, Ludhiana.
"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 said today.

"Around 30-35 per cent 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 said.
He said 50 per cent production of the industry in almost all verticals has suffered.

Notably, Punjab's two prominent industrial clusters -- hosiery and bicycle -- faced almost 50 per cent drop in output in view of major slump in demand for woollen and bicycles items, caused by demonetisation of old notes.
Several other verticals including induction furnace, steel rolling mills today also decided to stage dharna in Ludhiana against the demonetisation on December 16.

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.
The furnace industry is almost closed, they said in a statement issued.
Industry claimed that the state government as well as centre suffered revenue loss of Rs 250 crore since the announcement of demonetisation.
Singh said the industry representatives would wear black badges on December 16 to express their resentment against the "poor" implementation of demonetisation scheme.