Demonetisation news and archive

Demonetisation still tough on Indian textile industry but hope in sight

More than a month after demonetisation was announced in India on November 8 in an effort to tackle black money, corruption and terrorism and the gradual move to a cashless economy, the situation is still far from ideal and prime minister Narendra Modi's goal of having normalcy restored after 50 days seems doubtful. However, there is hope for the...

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Business|BACKGROUND

Demonetisation: Indian textile industry lets 10,000 workers go

In a move that was courageous as well as historic, the Indian government, led by prime minister Narendra Modi, has started demonetising 500- and 1000-rupee notes at the beginning of last month. The sudden measure took traditionally cash-intensive sectors by surprise, among them the textile and garment industry, which has been hit hard. Ten...

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Retail|COMMENTARY

Demonetisation hits Indian textile and apparel sector hard

Mumbai - In an unprecedented move, India, the world's largest democracy, decided almost overnight to phase out its 500- and 1000-rupee-bills to counter terrorism and the black money economy. Thus, since Thursday, November 10, 2016, the old 500 and 1000 rupee notes are only valid at a few select places and citizens are requested to turn them in...