The tannery owned by JK Enterprises closed three months ago owing to a severe cash crunch following demonetisation announced exactly a year ago. Before the note ban, the area was home to around 2,000 plastic factories, 3,000 cloth units and 3,000 leather factories. According to owners of these units HT spoke to, at least 50% of the total 8,000-odd business have shut in the past six months. A owner of a small leather business in Kala Killa, who did not wish to be named, said, “I had to close my business in April. Wahaj Khan, owner of Wahaj Khan and Sons Leather Goods, said, “Our business has not been affected by GST or demonetisation as it is registered and I pay taxes.”

Source: Hindustan Times November 08, 2017 04:41 UTC