String of cancellations hits cash-free India
The economic shock following the demonetisation of ₹500 and ₹1,000 notes has led to empty clubs, decreased F&B spend and cancelled shows and festivals, promoters tell IQ
News By | 1 December 2016
Indian prime minister Narendra Modi’s surprise announcement on 8 November that all ₹500 and ₹1,000 banknotes would immediately cease to be legal tender has sent shockwaves through the world’s seventh-largest economy.
The resulting rush to exchange the notes before 30 December has seen huge queues form outside banks (as many as 70 people are thought to have died), and a collapse in consumer confidence has already seen at least one music festival cancelled. With manufacturing, GDP and the stock market down, and…
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