Industry bodies appeal for lifting of cap

Industry associations say they are at a loss, as workers’ weekly payout falls due on Saturday and all small and micro enterprises are facing severe cash crunch. Withdrawing the ₹500 and ₹1,000 notes from the system in one go and at lightning speed, from mid-night of November 8, has put us in a tight spot, say industry insiders. “The decision no doubt is appreciable, but the micro and small units thrive only on cash economy. This therefore has adversely impacted our business,” say representatives of various industry bodies including the Indian Chamber of Commerce and Industry and Southern India Mills Association. They have appealed to the Prime Minister to lift the cap on bank withdrawals to avert dire situation.