Cash crisis to largely bother salary drawers
Posted on: 30/Nov/2016 4:19:54 PM
According to a recent report, it is said that during the first week of the month, nearly 50 to 70 percent of withdrawals take place from banks. As the maximum number of bills and dues get paid during the first week of every month, bank employees will be prone to experiencing hardships.
It is the unorganized sector which mostly deals with ready cash that gets badly hit due to demonetization. At the same time, there are many steps being taken to cope with the cash crunch that is raised. Providing cash to employees is one of the moves taken to manage the crisis.
Steps are being taken by both centre and state government to aid employees with salary as ready cash. However, it is tough for the state governments to pay full month’s salary as cash to all the employees.
After demonetization, the state is finding it too difficult to generate revenue. K. Chandrasekara Rao, the Chief Minister of Telangana has expressed his concerns towards dip in revenue in the state. He has requested the RBI to provide Rs 5 crore for paying out around Rs 10,000 as cash to the government employees.
There is a million dollar question whether the employees would receive salary on time for this month. Coming on to the private sectors, there is certainly a cash crisis there too and there prevails chaos as to how would they make payments. Considering the entire nation’s population, tech-savvy payment methods are to be adopted which is really unfair. In case of corporate sectors, there will be minimal hindrance as they enjoy sound technology work force.
