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Vijay C Roy
Tribune News Service
Chandigarh, December 7
The acute shortage of currency notes post-demonetisation has forced industries in Punjab, especially the Micro, Small and Medium Enterprises (MSMEs), to put off the payment of salary to their staff to 10th day of the month instead of 7th. The move is likely to impact around 10 lakh workers employed in this sector.
The industries complained that they were not getting enough cash from the banks due to shortage of new currency notes and restrictions on withdrawal limit. On the other hand, bankers complained that they were getting 65-70% less cash than required for dispensation.
In Punjab alone, there are around 2.5 lakh units in the MSME sector. “The factory pay day is the seventh day of the month but we are not getting enough cash because of the withdrawal limit of Rs 50,000 per week. We have postponed the disbursal of salaries to 10th of this month and are facilitating the workers in opening their bank accounts so that we can transfer the money to their accounts,” said SC Ralhan, president, Federation of Indian Exports Organisation (FIEO).
Most of the workers get paid in cash and many don’t even have their bank accounts.
Echoing similar sentiments, a textile manufacturer in Amritsar said, “We were not able to pay our workers as whenever we approach the banks, we are told that there is not enough cash. Even Rs 50,000 cash is not enough to pay to our workers. So we are also opening the accounts of our workers so that at least they can be paid by the 10th of this month.”
Since the workers did not get their salaries today, the pay day came as a shock for them. “I have to pay house rent and need cash to meet daily expenses but I don’t have money. Last month also, I suffered the same situation as I had to stand in queues to exchange my old currency notes and this time again I will have to stand in queues to get my salary as my employer will transfer the salary in my bank account,” said Ramesh Yadav, a welder working in a factory in Ludhiana.
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