This limit will be increased in the coming days,” Modi said in his announcement on Tuesday that left many Indians scrambling to turn their Rs 500 and Rs 1,000 notes into those of Rs 100. “So there could be impact of 20-25% till it normalises in December.”Parle Products said its business could see a downturn over the next few days. People were buying like crazy,” said Mehul Choksi, chairman of Gitanjali Group, which sells jewellery. What we sold on a full day on Dhanteras we sold in two hours.”Several cellphone retailers reported a surge and kept stores open till midnight. “The decision will definitely have an impact on the retail sector as the number of transactions executed in cash is high compared to plastic money.

Source: Economic Times November 09, 2016 19:29 UTC