Bhopal: Industry to remain unaffected

Bhopal: Industry to remain unaffected

Most industrial units use online payment mode for transfer of funds.

Staff ReporterUpdated: Sunday, May 21, 2023, 02:33 AM IST
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Bhopal (Madhya Pradesh): The decision of Reserve Bank of India to withdraw the currency notes of Rs 2000 from circulation will have no effect on the industry sector. This is because all the payments in industry sector are made in online mode.

President, Resident Association of All Industries (Mandideep), Rajiv Agrawal, said banks stopped issuing Rs 2,000 currency notes long back. He said withdrawal would not affect the industry sector as most payments are made online.

Even the truckers transporting the material are being paid in online mode. Alka Sharma, owner of Khadyot Natural Private Limited, said that very less cash was being used in industrial sector for payment.

Most industrial units use online payment mode for transfer of funds. Therefore, the decision of withdrawing Rs 2,000 notes from circulation will have no effect on MSME and industrial sector. The cash transaction stops after a certain level.

CB Malpani, owner of Shri Parag Poly Plast Industries (Mandideep), also said that all industries had adopted the online payment system. Even the wages of employees are transferred into their bank account. Very less cash dealing is there in industry sector. “Currency notes of Rs 2,000 are seen very less in the market,” he said.

Aditya Modi, owner of Orient Kagaz Converters Private Limited, said that the decision to withdraw Rs 2,000 currency note was a welcome move.

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