Warning | India for new currency lead to the accumulation of port cargo, the customer delayed payment

On November 8 local time, Indian Prime Minister Moody announced that in order to combat corruption and money laundering, decided to zero from midnight the same day, the abolition of 500 and 1000 rupees maximum denomination of two kinds of currency circulation, and will issue new 500 and 2000 rupees Denomination of money.

This is the first time in 38 years that India has abolished paper money in circulation. In the short-term exchange of the old and the new, the highest nominal value of India's currency is 100 rupees, equivalent to about 10 yuan.

As of November 23, India to replace the large denomination notes into the fifteenth day, but the national cash supply is still insufficient, most of the cash machine still can not use, many people waiting outside the bank waiting for money and money. Currency exchange in the inconvenience to people's lives, but also the impact of the national economy, the industry shortage of funds, factory shutdown, production and exports dropped, there are predicted economic growth will be a sharp decline.

India for the new currency led to the accumulation of goods in the port, the customer delayed payment

Many Indian importers do not pay through the black market through the bank, the purpose is to avoid import tariffs. Now suddenly canceled a large denomination notes, to a certain extent, India's imports to China will have an impact.

Some users said that at present, India's major port pressure port situation is more serious, probably because the Indian guests are busy exchange of new currency, many see the bill of lading copy of the goods have not paid the end of the goods, resulting in port cargo accumulation.

Keqiao, Shaoxing, Zhejiang, China and India between the largest textile market. He is a postdoctoral researcher at the University of Leiden in the Netherlands. He started his research on the Indian business community in Keqiao from 2010. He said the banknote reform was right after India's Diwali holiday. Many Chinese businessmen have shipped to India in the past. Decree a lot of Indian customers are faced with fracture of the capital chain, shipping backlog of ports in India can not be sold, or sold are not paid. In desperation, many people in order to avoid greater losses, had to return the product. "It is estimated that there will be funding problems in Indian customers, and other funds to re-place, may be four to six months.China suppliers not only make money, some will erode."

Many Indian guests said they would not return to normal until next March. To remind you, attention to risk, cooperation with the Indian guests to receive the full amount of the best goods, after all, some unscrupulous Indian businessmen do not pay the addition of a reason.