Seminar on “Impact of Demonetisation – National and International Perspective”

World Association for Small and Medium Enterprises(WASME) organised a Seminar on “Impact of Demonetisation – National and International Perspective” on December 10, 2016 at WASME House, Noida, India.

The Demonetisation was announced by Hon. Prime Minister Shri. Narendra Modi on November 9, 2016 by replacing INR 500 & INR 2000 with new currency bills. With this the government of India is expected to be headed in making Indian economy ever stronger by eliminating the parallel cash economy which is unaccounted and untaxed.

The government had called this situation brining “short-term pain for long-term gain”. As Demonetization has brought about stronger changes in the in the lives of all people of the country, WASME has organised this seminar in order to understand the impact of demonetization on industries especially the SME sector and the international trade.

Dr. Rajesh Kaji Shrestha, President- Nepal Chamber of Commerce(NCC) and newly elected Vice President of WASME for Asia region was the special guest of the programme. The programme was attended by the executive member of NCC including Mr. Rastm Bhushan Chukabaji, Mr. Krishna Man Shrestha, Mr. Niraj Rai, Mr Tika Ram Sharma and Mr. Ajay Singh.

The Seminar began with the felicitation of Dr. Shrestha by Mr. Gyan Prakash Agarwal, Secretary General, WASME and Ms. Sampa Banerjee, Executive Director, WASME and was presented with token of appreciation for visiting WASME Secretariat, attending seminar and being elected as Vice President, WASME

Mr. Gyan Prakash Agarwal, Secretary General, WASME welcomed the guests, speakers and participants. In his address he shared “It is our honour and pleasure to have Dr Shrestha on Board as Vice President of WASME. NCC and WASME share close association as NCC is one of the oldest member of WASME and we have undertaken many joint initiatives and programmes in the past for the promotion and development of SMEs of both the countries.”

He further added “under the dynamic leadership of Dr. Shrestha, we are certain that WASME will see new heights of development in achieving its vision and mission and creating new milestones of success in SME promotion not only in Nepal and India but also in other Asian countries”.

In his Keynote Address, Dr Rajesh Kazi Shreshta, shared” demonetisation has affected both countries –India and Nepal. While the move was aimed at fighting the ills of corruption, black money and hoarding, it has created a host of other problems for India and neighbouring countries. It was perhaps not a well-planned move. He also added that in Nepal government is taking appropriate steps to address the situation in Nepal”

Dr Sudhir K Jain, Prof Department of Management Studies, IIT, Delhi said “The decision of demonetization was a gutsy decision of our Hon’ble Prime Minister Narendra Modi ji. According to him “There was no need to take such steps in the past. Since people ware honest and there was a lesser burden of taxes and very few people were coming under the tax slabs. With the rise of the income of the people, there has been seen a huge theft of taxable income. This has forced the governments to take up strict actions against the tax theft as well as encourage and make people aware of the tax payments.”

Sanjib K. Mohanty, Advocate Supreme Court said “Although demonetization has affected the common people and created a situation of panic among the poor and common masses. But the long term effects of demonetization, will surely bring the fruit to India. Currently, the topic of demonetization is lying with the judiciaries”. He further added “ the mind-set of people is being changing and people are more and more becoming aware of digital route of payments and getting empowered. This will change the history of India and bring a digital transaction revolution to the country.”

Mr. Anshul Gupta, Charted Accounted, Shri Kumar and Associates said “Indian economy is a cash economy and sudden announcement of demonetization by our Hon’ble Prime Minister Shri Narendra Modi brought both (positives and negative) impact on Indian MSMEs and economy as a whole. According to him, there are more pros than the cons of the demonetization. However sudden short term negative effects might look a serious problem, but in long run it will provide a good hold on black money.”

The seminar was attended by 30 participants including SME owners, industrialists and professional in different sectors. The seminar was closed with the Vote of Thanks shared by Ms. Sampa Banerjee, Executive Director WASME.

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