Demonetisation: Bicycle industry workers stage protest, say work stalled due to cash crunch

They opined that they were not able to get even Rs 20,000 per week from their cash credit accounts and hence it was becoming impossible to run businesses.

Written by Raakhi Jagga | Ludhiana | Published:December 1, 2016 4:04 am

BICYCLE INDUSTRIALISTS Wednesday staged a protest outside the office of United Cycles Parts and Manufacturers Association (UCPMA) on Gill Road blaming the NDA government for poor implementation of domonetisation of Rs 500 and Rs 1000 notes. The industrialists were carrying placards like “humara paisa humein do”.

They opined that they were not able to get even Rs 20,000 per week from their cash credit accounts and hence it was becoming impossible to run businesses.

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“Even after three weeks of demonetisation, situation has not eased out. We have no workers in our factories, no funds to run our units and even we also have no orders. This is a hard time for the industry and hence we need a solution. We should be allowed to withdraw the money lying in our current accounts,” said KK Seth, chief of UCPMA and owner of Neelam Cycles.

“As we have no money to pay to our workers, most of them are going to Bihar or UP. Honda has laid off their workers for 15 days due to cash crunch and hence the ancillary units making auto parts for Ho cycle parts also have no choice but to reduce production,” said spokesperson Manjit Singh Khalsa. “Mandi Gobindgarh units have stopped manufacturing steel due to lack of demand.We are in deep crisis. It is high time that PM Modi gives us a solution to these problems,” said Seth.