-The indian Express Govt hopes demonetisation will accelerate India's drive towards a Cashless economy. The challenge, however, is to get the unbanked millions into the net. Mumbai: FOR MOST of this year, bankers at State Bank of India, the country’s largest bank, were trying hard to market Point of Sales (POS) machines for debit and credit cards to small businesses and establishments. This would give the bank access to funds at relatively...
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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,...
More »Queues of pain for tiny gain on black money? -Subodh Varma
-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...
More »Dr. Kavita Rao, professor at National Institute of Public Finance and Policy (NIPFP), interviewed by Supriya Sharma (Scroll.in)
-Scroll.in The author of a paper published by a research institute under the Ministry of Finance expands on its conclusions. The drying up of Cash has thrown the lives of millions of Indians in disarray. But many facing hardship support the government’s move. In Barabanki, Uttar Pradesh, a farmer who did not have Cash to buy seeds and fertilisers, said, “Now when rich people deposit money in the bank, the income tax people...
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