Home / Knowledge / News / Textiles / Textile industry welcomes Centre's demonetisation decision
Textile industry welcomes Centre's demonetisation decision
09
Nov '16
The Centre’s decision to scrap the currency notes of Rs 500 and Rs 1000 from Tuesday midnight has been welcomed by the textile industry. In a drastic step to curb corruption and counterfeit currency economy in India, Prime Minister Narendra Modi made the announcement that the old Rs 500 and Rs 1000 notes will no longer be valid in the country.

Dr KS Selvaraju, secretary general of The Southern India Mills’ Association (SIMA) terms the decision as a brave step by the government. Speaking to Fibre2Fashion, he said, “Though implementation of the decision will be difficult in the short run, it is the right step taken by the government to strengthen our economy. Especially in the textile sector, there are numerous opportunities for tax evasion, and demonetising of high denomination notes will help in maintaining transparency in the financial transactions.”

Anil Kumar, executive director of The Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) said, “It is the effective way to increase tax collection and boost our country’s economy which will also increase the textile business. Demonetisation will not have an adverse effect on the textile industry, instead is a roadmap towards GST.”

“This is an extremely bold move by the prime minister and will have a debilitating impact on the parallel economy in the country as well as deal a body blow to terror financing. FICCI completely supports this move of the government and complements it for its continuous and comprehensive measures to deal with the issue of black money in the country,” said Federation of Indian Chambers of Commerce and Industry (FICCI) president Harshavardhan Neotia. (RR)

Fibre2Fashion.com – India

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search