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1. Industries welcome demonetisation
policy
T HOOT HUKUDI: NOVEMBER 16, 2016 00 :00 IST
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“A holistic approach towards development and to make
India free from black money”
Various stakeholders in business and industries here have welcomed
the demonetisation policy.
Hailing the “bold initiative”, P.S.S.K. Raja Sankaralingam, former
president, All India Chamber of Commerce and Industries,
Thoothukudi, said it was a holistic approach towards development
and to make India free from black money. He observed that though
people had to face hardship for want of money to meet their daily
expenses, the situation would improve as more avenues would be
opened to withdraw money.
The recent demonetisation policy had not affected the shipping
industry. According to J.P. Joe Villavarayar, former chairman,
Confederation of Indian Industry, Thoothukudi, cargo shipping

2. operations had not been affected as payments were being made in the
form of cheques.
Moreover, the logistic supply operations, the key to shipping
industry, remained unaffected as cargo trucks had been transporting
shipments as usual. No toll charge was being levied on cargo trucks
and other vehicles on national highways since the government had
relaxed it till November 18. It was also a healthy sign that
demonetised Rs. 500 and Rs. 1,000 notes would be accepted in all
fuel stations for a certain period, he said.
Suresh Nandanwar, Additional Commissioner of Customs, Tuticorin
Custom House, told The Hindu that operations were normal in the
Custom House as proceedings here were being done through online
payment.
Hailing the policy, K. Nehruprakash, vice-president, Thoothukudi
District Tiny and Small-Scale Industries Association
(THUDITSSIA), said the move would deliver long-term benefit for
people.
The demonetisation policy was expected to boost the economy and
industrial raw material cost could be reduced possibly.
However, he said that most of the ATMs remained closed and only a
few had cash. Since people were accustomed to withdrawing money
from the ATMs, they faced some problems but as the ceiling of cash
withdrawal from banks had been revised, it had come as a welcome
relief, he added.
Reliable sources from banks here said many the ATMS required re-
calibration and it would take a minimum of a week to restore normal

3. operations. Cash was being fed in the ATMs based on priority
considering its transactions.
In banks, operations were predominantly on money exchange, cash
deposits and remittance. Despite being understaffed, bankers were
discharging their duty.
Moreover, people had been asked not to handle others’ cash in banks
and any such act would be penalised, sources said.
The move would deliver long term benefit for people and it is
expected to boost the economy
K. Nehruprakash
vice president, THUDITSSIA