Finance Minister Arun Jaitley discussed the concerns of micro, small and medium enterprises (MSME) sector with regards to demonetization keeping in view the sector, which deals a lot in cash, has a massive impact of the move, said Dr Sangam Kurade, President, FISME.

Jaitley on Saturday met the representatives from different sectors of the industry over pre-budget proposals. On the side-lines of the meeting the FM discussed various other issues concerning the industry like demonetization impact, GST, tax slabs etc.

Talking to media persons, Dr Kurade said the Federation of Indian Micro and Small & Medium Enterprises (FISME) urged the FM to make cheque payments more powerful in order to enable MSMEs doing business without cash.

After cash, cheque payments are the next instruments to be used for payments after cash and cheques are the most logical and nearest tools too, he added.

He said “While SMEs have agreed to the concept of demonetization but the fact is that MSMEs are facing the brunt. In the long run it will be a good tool but as of now the SMEs are facing the problem” (Watch his full video)