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...

Business |BACKGROUND Featured

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...

Retail |COMMENTARY Featured

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...