India’s push to invalidate much of its cash earlier this month has taken a toll on several businesses including smartphone sales, but at least, one player, Apple will have little to complaint about.
Following India’s Prime Minister Narendra Modi’s major announcement, Apple sold more than 100,000 iPhones in India in three days, according to industry estimates cited by the Economic Times.
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With demonetization of Rs 500 and Rs 1,000 currency notes, the Indian government aims to curb “black money”, or the cash that remains unreported to tax authority. Following the announcement, some rushed to shopping malls to purchase gold and other luxury items including iPhones to get rid of the their existing stash of currency bills while they could. Read more…