Commerce and Industry Minister meets the Export Promotion Councils to review the impact of demonetization on exports

Commerce and Industry Minister Smt.Nirmala Sitharaman has assured the exporters that a well compiled report will be taken to finance Ministry so that quick remedial solutions can be offered . Speaking to media persons after a meeting with the Export Promotion Councils to review the impact of demonetization on exports she said the organizations which attended the meeting were highly supportive of the decision taken by the Government to demonetize currencies and the Industry feedback was very positive . Smt. Sitharaman said 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 Minister pointed out that during the meeting Commerce Secretary urged the EPCs to be more pro-active towards the need for adopting formal banking system by their employees/workers. Smt. Sitharaman said that representatives wanted the weekly limit on withdrawals be increased from ₹ 50,000 to up to ₹ 5 lakhs.