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Assam records 25% business loss after demonetisation: FINER
Thursday November 17, 2016 7:40 PM, IANS

Guwahati: With demonetisation continuing to hit businesses across the country, a leading trade and commerce body of the northeast on Thursday said that at least 25 per cent loss was recorded in the markets across the hilly states post-demonetisation.

The Federation of Industry and Commerce of the Northeastern Region (FINER) appealed to the central and state governments to place emphasis on having more banking infrastructure in the region so that the economy of the area does not suffer.

FINER also appealed to the government to devise effective measures to reduce the problems faced by the common man and the sectors dependent on cash payment.

"In Assam and other parts of the northeast, the agriculture and horticultural sectors are dependent on cash and the government must help the petty traders and vendors involved in the sector who had been hit hard post-demonetisation," said FINER President Pabitra Burhagohain.

He said the government must allow the roadside vendors across the region to continue transaction in old currency till December 30 with ceiling limit per day.

"The vendors thus should be instructed to deposit the cash in their account daily so that they could pay their suppliers in cheque," Burhagohain said, adding that the FINER would soon meet Assam Chief Minister Sarbananda Sonowal and submit a memorandum in this regard.

He said that although all the sectors have been hit due to demonetisation, construction sector, consumer goods, high-value items, and service sector are some of the worst hit in the region.

The FINER President, however, termed the move for demonetisation as a bold step towards cashless economy and said although the country's GDP will be affected negatively for the time being due to the move, it will be beneficial for the country as the currency is expected to be stronger in the long run.

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