Trade bodies to seek PM’s help to tide over crisis

Claiming that production has been affected by 30 to 80 per cent, in a joint press meet the industry representatives after a consultative meeting said that many migrant labourers have started returning to their home towns as they are unable to get paid due to the cash crunch. The representatives have put forward eight key demands to help the industrial units function. It was jointly addressed by Indian Chamber of Commerce and Industry, Coimbatore (ICCIC) president Vanitha Mohan, The Coimbatore District Small Industries Association (CODISSIA) president, Coimbatore Tiruppur District Micro and Cottage Entrepreneurs Association President S Ravikumar and others. They said that unavailability of cash has badly affected micro, small and medium enterprises which account for a major share of production and employment generation in this region. “The government should ensure that a city like Coimbatore that has very high cash transaction gets higher cash flow,” James said as he pressed for adequate cash in the ATMs including the currencies in lesser denominations. 

Stating that the employees mostly preferred getting cash in hand, they were hesitant to get the amount transferred to their bank accounts and wait in the long queues for withdrawing it in small portions. Industry representatives expressed concern over labourers not returning to job. They said that it will badly affect production and delivery of goods in the promised deadline. They said this also forced many small units to reduce the number of working days to four days a week. They also sought simpler procedures in opening bank accounts for the labourers. 

On the weekly withdrawal cap of Rs 50,000 per account, they urged the government to check the regular transactions of the various industrial units and accordingly increase the withdrawal cap. Their other important demands included relaxing the non-performing assets (NPA) norms from 90 days to a year as business has been affected.

Having enjoyed the benefit of not paying toll and waiting at the 351 toll plazas on the national highways across the country, truckers have reiterated their long pending demand for cashless travel on the highways. They have pressed for alternative hassle free modes of toll fee collection. Toll fees accounts for 10 to 12 per cent of the operational cost for truckers. President of Southern India Motor Transport Association (SIMTA) G R Shanmugappa said that for a Right to Information (RTI) Act query they came to know that the toll revenue collected in 2014-15 was Rs 14,157.57 crore and was estimated at Rs 17,000 crore in 2015-16. “Annually Rs 1,45,905 crore was wasted in the form of fuel and delay due to stoppages at toll Plazas,” he said citing a report by IIM Kolkata that was released by the Union Minister for Road Transport and Highways Nitin Gadkari. 

Illegal exchange of unaccounted money turned out to be a costly affair for two parties as unidentified persons managed to usurp the Rs 30 lakh they had in their possession in Salem.

A case was not registered till Saturday evening as both the affected parties did not prefer a police complaint. Kitchipalayam police said that Sheikh, a financier residing at the Fort area in the city struggling to convert his black money approached one Naresh of Ammapet through J Latha (32), a resident of Veeranam who reportedly mediated the transaction. The police said that Naresh agreed to give new notes to Sheikh and demanded a 50 per cent commission for the transaction. As decided by them, Naresh asked Sheikh to bring Rs 20 lakh cash to Erumapalayam on Friday night. Sheikh is said to have gone there with demonetised currency notes for Rs 20 lakh on a bike. Naresh on the other hand came there with Rs 10 lakh with currencies in the denomination of new Rs 2,000 and Rs 100. They were exchanging the money when a speeding car stopped near them. A gang of five got out of the car, attacked the trio and fled with the Rs.30 lakh.