-The Times of India NEW DELHI: The aam aadmi putting up with the widespread distress and economic loss caused by declaring invalid all Rs 500 and Rs 1,000 currency notes sees a positive side to the move — it will unearth and stamp out black money. This is one of the stated objectives in the government's notification of November. There is also the target of finishing off fake currency, which harms...
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KC Chakrabarty, ex-deputy governor of Reserve Bank of India (RBI), interviewed by Manojit Saha (The Hindu)
-The Hindu KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing Demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation: * What is your view on the ongoing Demonetisation exercise? It has no economic rationale. It does not serve any purpose. * Why do you say...
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 »Demonetisation: If rural cooperative banks sink, so will farmers -Ajay Vir Jakhar
-The Economic Times Farmers accustomed to decades of government policy failure are willing to bear the pain caused by the government’s decision to recall Rs 500 & 1000 bills, but engineering a systematic failure of the rural cooperative banking sector would be an unpardonable desecration. Earlier rural bank branches were given a step motherly treatment: Rural cooperative bank branches were not replenished with lower denomination currency, while the newer higher denomination notes...
More »Staff crunch: Taxman may not be able to scan more than 700,000 bank deposits -Dilasha Seth
-Business Standard / PTI Only about 1% of total assessees might be probed; warning against parking cash in others' accounts Hobbling with a paucity of staff, the income tax (I-T) department might find it difficult to assess more than 600,000-700,000 cases a year, though the government has suggested that people depositing a minimum of Rs 2.5 lakh cash in their bank accounts during the ongoing Demonetisation drive will come under scrutiny. On Sunday,...
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