Increase cash withdrawal limit to Rs 2 lakh/week; accept old notes at check post for official payments: Jammu MSMEs

Jammu, Nov 23 (KNN) Suresh Kumar, Additional Secretary, Ministry of Coal, along with other senior officials from the state met Jammu MSMEs to discuss the issues being faced by the sector due to demonetization and limited cash withdrawal limit. The industry has urged the government to increase the withdrawal limit to atleast Rs 2 lakh per week and allow payment by old notes at check posts.

“Suresh Kumar visited Bari Brahmana Industries Association in Jammu along with T.K. Bhat, Additional Commissioner, Commercial Tax Department; Ravinder Sharma, SDM Vijaypur; and Shaillo Ram, Tehsildar Bari Brahmana, to discuss the problems being faced by the industrial sector of J&K due to limited cash withdrawal limit of Rs. 50,000 per week and other related problems,” BBIA President Lalit Mahajan said.

While appreciating the bold step taken by Prime Minister Narendra Modi to wipe out Black Money from the Country, Mahajan highlighted the problems being faced by the industrial sector of J&K.

He on behalf of the MSME sector suggested measures to the government for consideration to help in smooth working of industrial units.

BBIA urged that the cash withdrawal limit for the industrial sector should be enhanced to Rs two lakh per week for day to day expenses related to the working of the units.

“The withdrawal should be allowed for the payment of Advance for Wages on 15th of every month and payment of wages on 7th of every month on the basis of requirement,” Mahajan said.

“The deposit of old notes of Rs.500 and 1000 shall be allowed for the payment of government dues at Lakhanpur Check Post to ease out the problem being faced by the truck drivers keeping in mind the incoming and outgoing of 2000 trucks per/ day,” he added.

BBIA suggested that the Reserve Bank of India should allow the Banks including J&K Bank to take old notes of Rs. 500 and Rs1000 from industrial units of J&K for the clearance of Utility Bills of Power, Water etc as already permitted in case of  all the Public Sector undertaking like LIC, BSNL etc.

The MSMEs sought extension the date for the acceptance of old notes of Rs.500/1000 by the Petrol Pumps, Pharmacy and Hospitals after 24th Nov 2016 till the availability of sufficient new currency with the Banks.

Suresh Kumar assured BBIA to take forward the suggestions to the appropriate authorities for their consideration.

The meeting was also attended by Ajay Langer, General Secretary, Viraaj Malhotra, Secretary/Treasurer and other members of the Association. (KNN Bureau)