Exporters unanimously hails demonetization but seek enhancement in cash withdrawal limit under current account: FIEO

Ludhiana, November 21, 2016: Complimenting the Commerce & Industry Minister for timely interaction with FIEO and Export Promotion Councils on the demonetization and its impact on the export sector, Mr S C Ralhan, President, FIEO said that all the organizations in one voice complemented the Prime Minister for his most revolutionary reforms with far reaching consequences in the history of independent India. Such a move, on the anvil of GST, will ensure the success of Goods & Services Tax regime as well.
Mr Ralhan 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 unorganized sectors including farmers.
President, FIEO said that all exporting organizations requested for increase in the limit of withdrawal from the current account which is currently being fixed at Rs.50,000/- per week. FIEO suggested to hike the same to 1% of preceding years’ sale per month which will be easy to operate by the bankers who have access to the balance sheet of the company/firm.
The Commerce & Industry Minister has assured to examine the suggestions and take up with the Finance Ministry for their consideration.