New Delhi: Demonetisation of higher denomination banknotes will curb sale of spurious agro-input products and directly benefit farmers, agrochemical firm Crystal Crop said today.
Taking its fight against the black money to a next level, the government on November 8 announced the withdrawal of Rs 500 and Rs 1,000 notes from market and people were given 50 days time to deposit old currency bills in banks.
"It will have a very positive impact on agro-input industry which has, for long, been grappling with the problem of spurious products, sold in cash to farmers without invoices. The move will benefit farmers," company's Chairman N K Aggarwal said in a statement.
Farmers can now get genuine products, which will improve their yield and income, he said. Stating that the move will also put to end role of commission agents in the agriculture sector, Aggarwal said, "They will cease to exist and hopefully, the benefit will go directly to farmers."
Farmers can rejoice at the development as they can now hope to get quality products with proper bills. "But dealer from rural markets, whose business is mostly in cash, will be adversely affected," he noted.
