-Hindustan Times New Delhi: The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard Cash, going by income-tax data. Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards. In...
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Demonetisation Fallout: Cashless Villagers Loot PDS Shop in MP's Chhatarpur Village -Manoj Sharma
-News18.com Bhopal: Cashless villagers in Madhya Pradesh's Bardua village looted a public distribution system shop (PDS) after its owner refused them to accept the now-defunct Rs 500 and Rs 1,000 currencies for groceries on Friday, sources told CNN-News18. A group of villagers turned up at the shop to buy food grains and an altercation ensued between them and shop owner Munnilal Ahirwar after the later refused to accept the currencies, police said....
More »Demonetisation damage greater than its benefits, says Kaushik Basu -Arup Roychoudhury
-Business Standard On day-2 of the demonetization drive, serpentine queues have reported from banks and ATMs around the country World Bank Chief Economist and India’s former chief economic advisor Kaushik Basu said that the Narendra Modi government’s demonetization drive was not ‘good economics’ and that the damage it causes will be greater than its benefits. “GST was good economics; the demonetization is not. Its economics is complex & the collateral damage is likely...
More »Note demonetisation: What of the women who hide Cash to feed their children or to escape abuse? -Nishita Jha
-Scroll.in A large section of women in India are out of the banking system, and the currency withdrawal has hit them hard. The helpline rang all day at the women’s crisis centre in Bhopal, Madhya Pradesh, on Wednesday. Counsellors took calls from women wondering what to do with their hard-earned savings after Prime Minister Narenda Modi in a surprise television address to the nation the night before had announced the demonetisation of...
More »How India's currency ban is hurting the poor -Soutik Biswas
-BBC India's latest crackdown on black money is turning out to be a nightmare for the poor and the middle class. Three days after 500 ($7) and 1,000 rupee notes were withdrawn as part of anti-corruption measures, hordes of panicky people are thronging banks and ATMS to deposit expired money and withdraw lower denominations to run their lives. The queues are getting longer and angrier, and despite the government's loud promises, banks and...
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