The same happened when PM Narendra Modi announced demonetisation in November 2016. Suddenly, traders in Ludhiana found the money being delivered at their doorstep
Ludhiana businessmen are claiming that strangely, they have become beneficiaries of the Rs 2000 note ban that was imposed yesterday by the Reserve Bank of India RBI. They are claiming that all the unpaid money people owed them has started trickling in.
Atul Saggad, the president of the All India Apparel Manufacturer’s Association laughs, “Finally, some good news has come our way. Yes, we have started getting the money due to us. And, obviously, we are getting that in Rs. 2000 currency notes.” He adds, “Since the retailers do not have to pay any interest they keep delaying the payments they have to make. But this comes as a breath of fresh air to us.”
Harish Dua, another businessman from Ludhiana says, while their sector has not benefited from it since they only deal with big brands, but yes the hosiery traders in the unorganised sector have started receiving the long pending money which was due to them.
The same happened when Prime Minister Narendra Modi announced demonetization way back in November 2016. Suddenly, businessmen in Ludhiana found all the money which was due to them being delivered at their doorstep, recalls Saggar.
Sumesh Rajpal, another Ludhiana-based trader says, “The moment we came to know about the Rs 2,000 note ban, we started receiving phone calls from each respective trader who makes wholesale purchases from us and wanted to give back the money that is due.”
Raman Chopra, another Ludhiana-based businessman also endorses that note ban has resulted in a lot of positive sentiment in Ludhiana. “People are returning the lendings. Also, whatever money was stocked and it is mostly stocked in bigger currency notes will start trickling out, resulting in more buying and selling.” Sumit Chopra also says that within 24 hours there has been a sea change. “Businessmen are getting their money back.”
This has primarily happened in the unorganised sector, though, in the organised sector it is pretty much the same story. In fact, those who were hoarding Rs 2,000 notes are not happy with such a decision, say experts in the financial sector.