-The Hindu Anger and frustration dominate discussions on demonetisation at a jan sunwai in Beawar, Rajasthan About five-six hundred people are crowded in and around a small shamiana-covered triangle, like the apex of the letter A. The two arms of the A are busy streets typical of small-town India, a press of pedestrians and two-wheelers punctuated with foraging cows, goats and impatient cars and tempos. Including the shopkeepers and hangers-on across the...
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Cabinet clears ordinance to punish people holding banned notes beyond deadline -Suchetana Ray
-Hindustan Times New Delhi: The Union cabinet cleared on Wednesday an ordinance to penalise those found holding a “high amount” of scrapped banknotes. The Specified Bank Notes Cessation of Liabilities Ordinance makes holding a large number of old Rs 1000 and Rs 500 notes a criminal offence that will attract a jail term and a monetary penalty of five times the amount of old cash one is caught with. The ordinance allows exchange...
More »90% of scrapped notes back in system, big dividend unlikely
-The Times of India NEW DELHI: Of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a resulted of PM Narendra Modi's November 8 declaration, as much as Rs 14 lakh crore has been deposited in banks. The value of scrapped currency exceeded the government's expectation that as much as Rs 3 lakh crore will not be returned as this would be part of...
More »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 »Why demonetisation is a disaster - detailed analysis of RBI data -James Wilson
-TheNewsMinute.com How much black money will get back into the system? As of November 8, high-denomination notes of Rs. 500 and Rs. 1000 were 86.4% of the total currency in circulation, and ceased to be legal tender due to the demonetisation. RBI denotes these demonetised notes as “Specified Bank Notes” (SBN). As per RBI Annual Report 2015-2016, as of March 31, 2016, the value of the total SBN is Rs. 14.18 lakh...
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