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CEAMA Welcomes Narendra Modi's Move to Discard 500 and 1000 Bills

Updated: November 9, 2016, 1:58 PM IST
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CEAMA Welcomes Narendra Modi's Move to Discard 500 and 1000 Bills
(Photo Credit: Reuters)

Consumer Electronics & Appliances Manufacturer Association (CEAMA) has welcomed Prime Minister Narendra Modi's initiative to discard all of the 500 and 1000 bills immediately.

Manish Sharma, President CEAMA in a statement said, "Demonetising high denomination notes is a bold step towards the vision of Digital India. For the consumer durables industry, in the interim this might cause inconvenience to small consumer durable players located in the hinterlands as the reach of banking system is still basic. However, in the long run this is likely to drive several benefits for the economy.

With the advent of cashless economy both NPAs and demand for working capital credits is likely to increase and thus banks will have a key role to play here.

Moreover, with the limited tax arbitrage between organised and unorganised segments the industry will see a faster shift from unorganised to organized segment.

Usage of digital currency and online payment systems driven by UPI, wallets and cards will be on the rise as customers will increasingly opt for e-commerce platforms. It will further position improve India’s stature as a corruption-free, transparent nation globally, enabling higher capital flow (FDI/FII). CEAMA congratulates the government on this significant move.”

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