-TheWire.in While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes. New Delhi: When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on November 8, 2016, two neighbouring nations were also taken by surprise. Nepal and Bhutan both have significant reserves and usage of Indian currency, with the latter giving it the status of...
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A damaging and mindless act -Prabhat Patnaik
-The Hindu Business Line It was a gratuitous and direct assault on the informal sector by the state The retrospective defence being provided by the Government for its act of suddenly demonetising 86 per cent of the country’s currency is as mindless as the act itself. The main argument for demonetisation that was advanced a year ago was that ‘black money’-holders would not dare to bring their demonetised currency to the banks;...
More »One year after demonetisation, cash is still king -Roshan Kishore
-Livemint.com Cash scarcity led to a spike in digital payments post demonetisation, but the trend reversed as remonetisation picked up pace New Delhi: Soon after demonetisation was announced on 8 November last year, it was projected as part of a broader push towards a cashless economy. Several ministers and government officials claimed that this would nudge Indians to rely on non-cash or digital payments. In the weeks and months following demonetisation, digital payments...
More »Demonetisation anniversary: Why less cash in itself may not necessarily mean less black money -Sunny Verma
-The Indian Express It can also mean other things such as currency shortage, transaction mode shift. The government has presented a lower cash-to-GDP ratio as a key achievement of demonetisation, and a measure of black money being checked. Economists, however, caution against reading this metric in isolation. Prime Minister Narendra Modi said last month that the cash-to-GDP ratio is down to 9% after demonetisation, from over 12% earlier. “Was it possible if a...
More »Has euphoria in Uttar Pradesh over fighting black money turned into disappointment? -Gyan Varma
-Livemint.com Political analysts feel there is a sense of dissatisfaction in Uttar Pradesh on demonetisation, though the political dominance of the BJP continues Baghpat, Shamli and Sardhana (Uttar Pradesh): Ved Pal, a 35-year-old farmer from the village of Bodda in Baghpat district, thinks demonetisation was the right thing to do even if its immediate aftermath was painful. “Any new work undertaken by any individual or government will always face problems; so demonetisation...
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