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Amid demonetisation, the Commerce Ministry today asked the members of the export promotion councils (EPCs) to adopt and maximise cashless transactions for their operations. "Members of EPCs urged to adopt and maximise cashless transactions for their operations.
All EPCs to move to cashless transactions from January 1, 2017," the department of commerce said in its tweets. Last month in a meeting with Commerce and Industry Minister Nirmala Sitharaman, the councils have urged to increase the cash withdrawal limits up to Rs 5 lakh from Rs 50,000. Some exporters have either shut shop or scaled down production because of cash shortages following the demonetisation of Rs 500 and Rs 1,000 notes. Still several exporters, including from handicrafts segment, pay in cash for wages and procurement of raw materials.
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