Reaction quote on PM Narendra Modi's move to ban Rs 500 and Rs 1,000 denominations on restaurant / hospitality Industry

Mr.Rohit Malhotra, Country Head, Barcelos India: “Prime Minister Narendra Modi's move to ban Rs 500 and Rs 1,000 denominations will certainly have impact on restaurant / hospitality Industry. Now there will be huge fall in the openings of the new cafes / restaurants. Although fall in property prices, drop in competition and reduce in unnecessary demand in labour will bring good time for restaurant industry ahead. This decision will hurt black money hoarders the most but it may also cause inconvenience to the common man — even if only for a few days.”