On 8 November 2016, the Government of India announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series. The government claimed that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism. The sudden nature of the announcement and the prolonged cash shortages in the weeks that followed created significant disruption throughout the economy.
The scarcity of cash due to demonetization led to chaos, and most people holding old banknotes faced difficulties exchanging them due to endless lines outside banks and ATMs across India, which became a daily routine for millions of people waiting to deposit or exchange the ₹500 and ₹1000 banknotes since 9 November.
Amidst such a situation you will see a complete different scenario at IITF 2016 where the stalls are flocked by the general public and sales are in full swing. On certain occasion we also witnessed that the gates of state halls were closed owing to excessive crowd. Why in such a chaos states stalls saw crowd?
The answer is that state stalls were accepting old currency notes and ITPO took great care that the interest of small scale artisans doesn’t get affected. When an organisation like ITPO becomes a pillar of strength for states the results remain positive for all. Also there are number of ATMs to facilitate easy cash to the masses.
The IITF has acted as a vehicle to showcase the economy and social development over the last 3 decades and gaining its popularity and moving from strength-to-strength. This year too with almost 1.5 million visitors the fair has lived upto its reputation of being the largest and the most popular trade fair in the country.