Payday in Mumbai: Banks hand out tokens in advance
Manufacturers issued cash withdrawal tokens a day ahead so that they can withdraw money today for paying salaries to employees
Demonetisation has brought about yet another challenge on the most important day of the month – the ‘salary day’. Businessmen and manufacturers are finding it extremely difficult to pay their employees as banks are short of cash.
The government’s rule to allow business and commercial sectors to withdraw only upto Rs 50,000 per week, has made the situation all the more difficult.
However, some manufacturers claim that banks are giving them tokens so that they can be called on December 1 for withdrawing cash needed for paying the salaries of skilled and semi-skilled labourers.
A fibre glass manufacturing unit in the city, which has over 50 labourers, is facing the same problem. The owner of the plant, who has his office at Marine Lines said, “I tried to withdraw Rs 50,000 in the past one week, but banks are not being able to provide so much cash as they are facing a shortage of it. This is making the situation all the more difficult.”
Problem for common man too
According to sources, this problem would have an adverse impact on the common man. People will have more trouble withdrawing money, as priority will be given to commercial and business establishments.