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Demonetisation Impact: Exporters meet Commerce Minister, urge for raising of weekly withdrawal from Rs 50,000 to Rs 5 lakh

As an immediate remedial measure, Commerce and Industry Minister Nirmala Sitharaman has assured the exporters that a well compiled report will be taken to finance Ministry so that exporters can have some relief from the hardship they are facing at present owing to the Demonetisation of high value currency announced on November 8. After meeting the delegations from the Federation of Indian Export Organisations in India (FIEO) and various Export Promotion Councils the Minister stated that the organizations which attended the meeting were supportive of the decision taken by the Government to demonetise currencies and the Industry feedback was very positive.

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing at the inauguration of the MMTC’s Festival of Gold Exhibition Cum Sale, in New Delhi on October 20, 2016.

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing at the inauguration of the MMTC’s Festival of Gold Exhibition Cum Sale, in New Delhi on October 20, 2016.

Sitharaman shared some of the Councils, particularly with high labour intensity, pointed out the problems resulting from lack of adequate liquidity in the short run, they spoke about difficulties in payment of salaries especially to contract labourers/ job workers in cash. “The representatives wanted the weekly limit on withdrawals be increased from Rs. 50,000 to up to Rs. 5 lakhs,” she informed.

Complimenting the Commerce & Industry Minister for timely interaction with FIEO and Export Promotion Councils S C Ralhan, President, FIEO said that all the organisations in one voice complemented the Prime Minister for his “most revolutionary reforms with far reaching consequences in the history of independent India”. In his opinin, such a move, on the anvil of GST, will ensure the success of Goods & Services Tax regime as well.

The FIEO president said that the industry concern has been broadly three folded : payment of wages to seasonal & immigrant workers, transportation of raw material & finished products with absence of cash for the truckers including their support staff, and procurement of raw materials or finished goods from unorganised sectors including farmers.

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