-The Times of India NEW DELHI: Tax authorities have conducted 30-35 raids in Karnataka and parts of Andhra Pradesh as part of a drive to smoke out cash hoarders, even as the government and RBI moved to pump in funds into some of the states facing a Currency crunch. In Bihar, for instance, Rs 800-900 crore has been pumped in through the ATM network with initial assessments suggesting that the shortage may...
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Cash crunch continues in many states, but banks say situation improving
-Hindustan Times Empty ATMs and complaints reported from Patna to Haridwar. ATMs in Bihar, Madhya Pradesh, Uttarakhand and Gujarat ran empty on Wednesday, but banks said cash flow had improved a day after people in many parts of India struggled to get money in their hands. Public lenders State Bank of India (SBI), Punjab National Bank, Canara Bank and privately owned Axis Bank said in separate statements that only few of their ATMs...
More »15 theories about why India is facing a cash crunch a year and a half after demonetisation -Rohan Venkataramakrishnan & M Rajshekhar
-Scroll.in From ATM logistics to deliberate lack of supply to Nirav Modi, there are many explanations for the shortage. One of the most unusual things about the cash crunch that is affecting a number of Indian states, which the government officially acknowledged on Tuesday, is that the causes of the shortage are unclear. In various statements, government officials have pointed the blame at an “unusual spurt” in Currency demand, although they...
More »Big-note hoarding habit contagious
-The Telegraph Mumbai: Research by the State Bank of India suggests Currency notes of higher denominations, especially Rs 2000 notes, are "not getting adequately circulated in the economy" and the tendency to hoard cash may be having a domino effect. An SBI research report tries to provide a theoretical basis for the sudden evaporation of cash in some states by linking the phenomenon to the sharp decline in "income velocity" in the...
More »What demonetisation did to tax collections -Aarati Krishnan
-The Hindu It has sharply lifted tax buoyancy and ushered many new return filers into the income tax net The argument about whether demonetisation was good or bad for the economy refuses to die down even a year after the event. Former RBI Governor Raghuram Rajan took potshots at it in a recent speech. While one can endlessly debate, with very little data, on whether the ban on high-value Currency notes dealt a...
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