What will be the impact on business of the abandonment of th e penny (canadian one – cent piece)

Impact on business of the abandonment of the penny The penny The government has announced that it is going to eliminate the use of the penny in the country’s budget from the Canadian coinage. This will be in about six months’ time to come when the Canadian mint has been authorized to stop its production.
As in all business states, the abolishment of penny will have an impact in many businesses and the circulating money which means that the pennies in the mint will be smelted again for reuse. The businesses in the country will have to take a negative direction which means that majority number of businesses will fall who will be asked to return the pennies. This will result to a low circulation of money and businesses all over the country will be affected, for the loss of value.
This will go on for a while the business and the economy continues to deteriorate in value due to the reduced cash flow. The government will also have a lot of work and spend equally when it will be collecting the pennies for reuse in its financial institutions. The country’s federal budget will also change its states that will affect the government’s expectation to apply a new way of getting equivalent currency for cash transaction in a fair and a transparent manner. The mathematical rounding off of figures will be done in several items and hence transactions involving low value items will be complicated to perform. The penny has been found to be of great help and use in the business world which is changing rampantly as new methods crops out day by day.
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