Currency demonetization hits India’s mobile phone sales

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India’s decision to remove certain currency notes out of circulation has hurt mobile phone sales, as many people in the country still prefer to use cash or do not have access to payment cards and digital payment options.

Some companies have announced plans to cut down on production to clear inventory. Lava International, one of the larger players in the Indian market, said Monday it has halted the production of mobile phones for the next 10 days. The staff at the manufacturing units have been sent on leave for this period, company spokeswoman Aarti Deepak Taneja wrote in an email.

"We are waiting and watching and will plan our next course of action based on how the situation improves or deteriorates," she added.

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