Thursday, November 10, 2016

Cash payments on travel skyrocket

Mumbai/New Delhi: Cash payments on transport and travel surged Wednesday as a section of people desperately looked for ways to dump obsolete currency.

Sales of tickets on airport counters as much as trebled, compared to yesterday, top executives at two carriers told ET, not wanting to themselves or their airlines to be named.

Over-the-counter railway ticket bookings saw a 40% surge across the country, over the usual daily average, said two officials at the railway ministry.

The sales doubled in the western region, said a spokesperson.

Prime Minister Narendra Modi late last shocked India with a mandate that Rs 500 and Rs 1,000 notes would cease to be legal tender starting midnight November 8.
10/11/16 Anirban Chowdhury & Rajat Arora/Economic Times