Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Notice (8): Undefined variable: urlPrefix [APP/Template/Layout/printlayout.ctp, line 8]latest-news-updates/replacing-scrapped-rs-500-and-rs-1000-notes-may-take-six-more-months-jeanette-rodrigues-4680584.html"/> LATEST NEWS UPDATES | Replacing scrapped Rs.500 and Rs.1,000 notes may take six more months -Jeanette Rodrigues | Im4change.org
Resource centre on India's rural distress
 
 

Replacing scrapped Rs.500 and Rs.1,000 notes may take six more months -Jeanette Rodrigues

-Livemint.com

Delays in replacing the currency risk prolonging the pain in the $2 trillion economy, where about 98% of consumer payments are made in cash

Mumbai:
For people expecting respite from the government’s clampdown on cash, here’s a reality check: it probably won’t come soon.

Prime Minister Narendra Modi’s administration may need until May 2017 to replenish the stock of now worthless bills, according to Saumitra Chaudhuri, an economist who advised Modi’s predecessor. The government on 8 November banned Rs.500 and Rs.1,000 notes in a surprise move against graft and tax evasion.

Delays in replacing the currency risk prolonging the pain in the $2 trillion economy, where about 98% of consumer payments are made in cash. Deutsche Bank AG predicts the crunch could easily shave off a half-point from India’s growth in October-December, which could imperil its position as the world’s fastest-growing major market.

Please click here to read more.