PMR would like to bring your kind attention to the recent demonetization of Indian currency notes of rupees 500 & 1000. This measure comes after Prime Minister Narendra Modi announced on Tuesday that 500 and 1,000 rupee banknotes would be withdrawn from circulation at midnight on 8th November to crack down on rampant corruption and counterfeit currency. The Indian economic system will likely face a slowdown because of this. Hence, resulting in delayed cash-flows. Also, the process at the customs would also face a slowdown because of demonetization of currency notes.
“Currently, we are facing slight hiccups and delays at the customs as well as on inter-state borders but hopefully things would start to streamline starting from 11th of November, 2016. We would keep all our clients and partners informed about the latest development about this issue.” said, Aakanksha Bhargava, CEO
Latest Updates : Situations at the cargo port and inter-state boarders have started to normalize. However still delays of 1 -2 day is expected due to less currency-flow in country.
