-The Indian Express Three villages, with a combined population of about 5,000, have only one bank and no ATM. Ambala: Chamanlal, 28, a barber in Bara village, does not have a debit card and has never seen a point-of-sale (PoS) machine. He charges Rs 20 for a haircut and Rs 10 for a shave — all in cash. He is among the few in the village who has a smartphone, but has...
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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 »The mother of all disruptions -Jean Dreze
-The Hindu The tremendous power of the software industry in India may help explain why the disruptive effects of demonetisation are being taken lightly Evidence is mounting of the disruptive effects of the recent move to renew currency notes, known as “demonetisation”. Disruption is actually a mild expression. What is happening is a catastrophe for large sections of the population. Farmers have dumped vegetables by the roadside for want of a remunerative...
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...
More »Income tax department to use analytics to look for discrepancies in bank accounts -Sachin Dave
-The Economic Times MUMBAI: For the first time, the income-tax department will use big data analytical tools to go through personal bank deposits to segregate black money holders from genuine tax-payers, two people in the know have said. While the government has used big data analytical tools for corporate tax reporting in some cases in the past, this is the first time that it will use analytics on such a large scale...
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