-NDTV In his budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at three lakhs. The government wants to reduce the limit to two lakhs. Cash transactions of more than two lakhs will be considered illegal and penalised, the government has proposed today. In the government's annual budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at three lakhs. In...
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Macroeconomic Impact of Demonetisation: A Preliminary Assessment -RBI
-eSocialSciences.org The analysis in this paper suggests that demonetisation has impacted various sectors of the economy in varying degrees; however, in the affected sectors, the adverse impact was transient and felt mainly in November and December 2016. The impact moderated significantly in January 2017 and dissipated by and large by mid-February, reflecting the fast pace of remonetisation. The latest CSO estimates suggest that the impact of demonetisation on GVA growth was...
More »Post-note ban, Rs 35,000 crore cash stash flooded MP banks -Ankur Sirothia
-The Times of India BHOPAL: More than Rs 35,000 crore of stashed cash was pulled out of hidden lockers of corporates and individuals and deposited in 25 major banks within 60 days of demonetisation in Madhya Pradesh, reveal documents accessed by TOI. More than 40% of these accounts are under I-T surveillance, say sources. Money in Pradhan Mantri Jan Dhan Yojana accounts rose by Rs 461 crore after the note ban —...
More »Bumps in Gujarat's PDS highway -Vimukt Dave
-Business Standard System in place for Aadhaar-linked payment through state but shopkeepers and consumers yet to cheer Ahmedabad: When young housewife Sarojben Rabari comes to buy rice from the Public Distribution System (PDS) shop in Ramnagar, on the northern fringes here, the shopkeeper asks her to pay by using her Aadhaar card. The woman refuses – she has neither an Aadhaar card or a bank account. She wishes to pay in cash;...
More »'Digital' village asks what's netbanking -Maria Akram
-The Hindu Surakhpur, declared ‘fully digital payment enabled’ by government, rues low literacy, poor connectivity Around 10 days ago, a team of Delhi government officials handed over two PoS (point of sale) machines to kirana (grocery) store owners Surat Singh and Ramesh Kumar, both residents of Surakhpur village in Najafgarh, on the Delhi-Haryana border. The officials taught the two how to use the machines. On Wednesday, when The Hindu visited the village, where...
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