-The Times of India MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, Banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides, there are restrictions on district cooperative Banks (DCCBs). Officials said the crisis gave moneylenders an opportunity to get rid of defunct notes as loans were disbursed in old notes and they...
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RBI puts up a firewall on Demonetisation -Abhishek Shukla
-PTI While the Government and Banks want transparency from citizens, they refuse to be transparent themselves as the RBI again refuses to respond to RTI applications seeking reasons for Demonetisation Why were Rs. 1,000 and Rs. 500 notes demonetised by the government? Fifty days after the government announced that these notes would cease to be legal tender, Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public. The...
More »Poor swiped out in choice-less, not cash-less, society -Aruna Roy and Nikhil Dey
-The Indian Express For the poor, with little cash in the first place, digital promises to ‘swipe’ them out, before their marginalisation is even addressed. Demonetisation is, by its very nature, an autocratic, coercive step. The demonetisation of November 2016 has affected every single Indian. We are, as usual, persuaded to bear the pain and suffering, to “sacrifice” for the nation. The rhetoric continues but it now seems clear that the objective...
More »The pursuit of unreason -Prabhat Patnaik
-The Telegraph A distinguished Ugandan social scientist of Indian origin,whom I happened to meet earlier this month at an academic conference, told me that Narendra Modi's demonetization reminded him of the fiat in 1972 of the Ugandan dictator, Idi Amin, that all Asians should quit Uganda within a period of three months. His analogy, of course, would be considered inapposite for an obvious reason: expelling people from their places of domicile,...
More »90% of scrapped notes back in system, big dividend unlikely
-The Times of India NEW DELHI: Of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a resulted of PM Narendra Modi's November 8 declaration, as much as Rs 14 lakh crore has been deposited in Banks. The value of scrapped currency exceeded the government's expectation that as much as Rs 3 lakh crore will not be returned as this would be part of...
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