Cash Crunch Due to Demonetization to Affect Delhi University’s Annual Fest

The effect of demonetization is creating problems not only for the common people but also for the winter college festivals of Delhi University. Students said that bigger companies sponsors the main event, and start- ups sponsor various small events attached to the main festival and most of the start-ups prefer giving cash. But due to the effect of demonetization, students doubt if they will able to get sponsors for their events.

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A representative of the Students' Union from Shri Ram College of Commerce (SRCC) said that due to the cash crunch in 2016, many companies have shown their unwillingness to sponsor the event. And if sponsors make payment via cheque to the college account, they say that the college authority takes too much time to clear the cheque.

A student union representative from Gargi College said that most of the start-up companies prefer to give the money through cash if they have spare money in their budget. Now in the wake of cash crunch, they would prefer to use the money on their own company and other expenses.

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Treasurer of the Student Union of LSR said that in their street food fest, local food joints and stalls that participate were supposed to pay their fees for participation by the second week of December, but they have not received any single penny till date. She further added that due to the cash crunch, the event may be cancelled.

Several colleges are contemplating to postpone their events and Kirori Mal College is one of them. Cultural Secretary of Kirori Mal College said that in 2015, they got INR 12 lakhs from a smartphone company but in 2016, they are not sensing any possibility of getting fund from the sponsors. and said that in order to organise the fund, they might require more time.