-The Indian Express Banks are now caught in a dilemma even as they stare at a decline in loan growth — considering the surge in deposits since November 9. Mumbai: Struggling to cope with bad loans and the aftermath of the demonetisation decision, Indian banks have taken a hit on lending. Loan growth plunged by Rs 1 lakh crore in the fortnight that ended November 25, according to estimates. According to...
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Delhi government starts langar for poor who are affected by currency ban
-The Times of India NEW DELHI: Call it playing politics or what you will, but in a move that will gladden many, the Delhi government yesterday began providing free food for the poor who are now doubly hit by the shortage of cash due to demonetisation. "This move has been undertaken to provide the poor with three meals a day and save them from dying of hunger due to demonetisation," tweeted Delhi's...
More »Why demonetisation notification is illegal and violates the Constitution -Namita Wahi
-The Economic Times One month after demonetisation, the Supreme Court is hearing several public interest petitions challenging the constitutional validity of the “demonetisation notification”, which declared that Rs 500 and Rs 1,000 notes would no longer be legal tender post midnight on November 8, 2016. The preamble to the notification stated that its objective was to eliminate fake currency used for financing terrorism and to address the problem of “unaccounted money” in...
More »One per cent suspicious accounts means I-T has to probe 40 lakh cases -Jay Mazoomdaar & P Vaidyanathan Iyer
-The Indian Express The demonetisation deadline ends on December 30, and a day later, the I-T officers are expected to complete their scrutiny assessment work. New Delhi: Even if just one per cent of the total 40 crore bank accounts are red-flagged as “suspicious” during analysis by the Income-Tax department after sifting through data made available to it by banks, the tax officers would be saddled with a staggering 40 lakh...
More »Utsa Patnaik, professor emeritus at Jawaharlal Nehru University, interviewed by TK Rajalakshmi
-Frontline.in Interview with Utsa Patnaik, professor emerita of economics, Jawaharlal Nehru University. By T.K. RAJALAKSHMI THE FALLOUT of the decision of the National Democratic Alliance government to demonetise currency of higher denominations has been felt across all sections of people. There are concerns that it will lead to an overall economic slowdown given the acute shortage of currency for industrial and agricultural operations. The impact on agriculture and those dependent on agriculture...
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