-Bloomberg At the heart of the problem is the way informal businesses like the Varanasi weavers make payments. Varanasi: In Prime Minister Narendra Modi’s political base of Varanasi, Hinduism’s holiest city, weaver Zainul Abedin stares at the uneven mud floor of his home. Behind him, more than a dozen handlooms lie idle. Abedin is part of the collateral damage of Modi’s Nov. 8 decision to ban high-value currency notes, effectively cancelling...
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Demonetisation and digital transactions will never stop corruption in India. Here's why -Manoj Gairola
-The Economic Times If digital transactions could curb corruption and black money , Kenya would have be en the most transparent co untry in the world. About 75% of the adult population in Kenya uses mobile phones for payments and money transfer. The value of mobile money transactions and transfers per day is equal to 4.5% of annualised GDP of Kenya, as per a report published in an International Monetary Fund...
More »Demonetization: Pain or gain? -BM Singh
-Livemint.com Mere demonetization would not serve the purpose, it would have to be taken in conjunction with other measures to correct systemic faults and not just destruction of cash Most of the country and even foreigners are going gaga over the move by the government to demonetize high-denomination notes. A presumption has been made that they mostly reflect black money or unaccounted wealth. A bold move indeed and there are many who...
More »Cashless bliss? Tea belt deflates dream -Avijit Sinha & Anirban Choudhury
-The Telegraph An indication of how far Narendra Modi could be from the dream of making India a predominantly cashless economy is available in a survey done by a tea planters' association in the Dooars, a tribal belt that employs lakhs of Bengal's workforce in tea estates. The survey done by the Dooars Branch of the Indian Tea Association (DBITA) in its 55 member gardens of the 80-plus estates dotting Japaiguri district...
More »R Nagaraj, an economist and currently a professor at the Indira Gandhi Institute of Development Research in Mumbai, interviewed by Kedar Nagarajan (Caravan Magazine)
-Caravan Magazine On 8 November 2016, Prime Minister Narendra Modi made an announcement declaring that notes of Rs 500 and Rs 1,000 would not be legal tender as a part of his government’s policy to clamp down on counterfeiting and black money. It has been widely reported that this policy would directly impact the real-estate sector, which typically witnesses a significant amount of transactions that are made through cash to avoid...
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