India : Textile industry welcomes Centre's demonetisation decision

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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)

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