-The Indian Express While the increase in balance in accounts in public sector banks was 56 per cent, it was 66 per cent in private sector banks. New Delhi: In the two weeks after the Centre’s demonetisation move, the total balance in Jan Dhan accounts increased by nearly 60 per cent, online data updated by the government on Saturday revealed. While the total deposit in Jan Dhan accounts was Rs 45,637 crore...
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Bengal's potato growers hit by demonetisation -Suvojit Bagchi
-The Hindu With grocers and cold storage owners refusing to accept scrapped currency notes, farmers are struggling to get potato seeds while landless labourers are forced to forgo their food. Chitra Bag and her family of six are eating less these days. They make do with one meal instead of the usual three meals, despite a gruelling 8-10 hours of work daily as landless farm labourers. Even though vegetables, grown around their...
More »Demonetisation: Rs 14 lakh crore cash value out, only 1.5 lakh crore in, says report -Pranav Mukul & Aanchal Magazine
-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...
More »M Govinda Rao, ex-Director, National Institute of Public Finance and Policy (2003-13), interviewed by S Rajendran (The Hindu)
-The Hindu Centre for Politics and Public Policy Prime Minister Narendra Modi's announcement demonetising high denomination notes on November 8, 2016, will do little to address the prime objective of flushing out black money but will adversely affect the economy in the short term, especially the informal sector, which is predominant in India, says M. Govinda Rao, a Member of the Fourteenth Finance Commission and Emeritus Professor, National Institute of Public...
More »Cash drought shadow: Distress sale of paddy -Hemant Kumar Rout
-The New Indian Express BHUBANESWAR: Gopal Krushna Panda was happy to hear the announcement on demonetisation of higher currency notes with a hope that the black money will be wiped out. But his happiness was short-lived as the currency crisis gripped the nation. A native of Gopalpur village in Balasore district, Panda requires at least Rs 40,000 to harvest paddy from his 10 acres of agricultural field. While the paddy has already...
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