-The Indian Express It could be “several months” before RBI is able to plug the Rs 14.18 lakh crore hole left behind by the withdrawal of the 2,203 crore pieces of Rs 500 and Rs 1,000 notes, as per the estimates. New Delhi: As the country struggles to cope with a desperate shortage of currency, new notes worth only Rs 1.5 lakh crore have come into circulation so far, says a November...
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With no jobs, hungry daily wagers turn to langar halls -Damini Nath
-The Hindu Since November 9, a day after the Centre banned Rs.500 and Rs.1,000 notes, the Sis Ganj Gurdwara has seen hectic rush during lunch About 500 kg of dal, 600 kg of vegetables and one tonne of rice is what it takes to feed thousands of people at the Sis Ganj Gurdwara in Chandni Chowk on an average day. The langar or community kitchen at the popular gurdwara has always been busy,...
More »Expect your household budget to shoot up: Going cashless comes at a cost -Tinesh Bhasin & Priya Nair
-Business Standard When you start using digital payment options, your household budget is likely to shoot up The government’s demonetisation drive has caused a cash crunch, forcing people to look at plastic money and other forms of digital payments. But, for a society accustomed to physical notes, the transition to cashless comes at a cost. Many households are likely to see their budgets shoot up as they pay more at merchant establishments...
More »Dr. Kavita Rao, professor at National Institute of Public Finance and Policy (NIPFP), interviewed by Supriya Sharma (Scroll.in)
-Scroll.in The author of a paper published by a research institute under the Ministry of Finance expands on its conclusions. The drying up of cash has thrown the lives of millions of Indians in disarray. But many facing hardship support the government’s move. In Barabanki, Uttar Pradesh, a farmer who did not have cash to buy seeds and fertilisers, said, “Now when rich people deposit money in the bank, the income tax people...
More »Picking up the pieces -Pronab Sen
-Ideas for India In an earlier article, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity. In this article, focussing on solutions, he contends that the government now needs to realise that credit for production purposes is at least as,...
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