-The Times of India NEW DELHI: With over three weeks to go for the deadline to deposit invalidated 500 and 1,000 rupee notes, deposits in the scrapped currency continue to swell, straining the Centre's estimate of how much of the illegal tender might not come back into the system. Government data shows deposits in two high denomination notes by Saturday evening had totalled Rs 9.85 lakh crore. The imposing figure, shared by...
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Cash crunch leaves farmers high and dry in MP's Bundelkhand
-Hindustan Times Bhopal: The Centre’s demonetisation move has hit the farmers in MP’s Bundelkhand hard who were hoping for good rabi crops after facing four years of hardships owing to drought in the region. Farming is the main occupation in the region, and heavy rains this year had brought smiles on the faces of farmers. As the sowing for winter crops was almost complete in this part of the state before demonetisation was...
More »Barter is the best bet for a few tribals here -Santosh Patnaik
-The Hindu To overcome currency shortage at weekly markets, they are banking on the age-old practice CHAMPAGUDA (VISAKHAPATNAM DISTRICT): “What will we do with the Rs.2,000 note, which is a very big amount for us? As we don’t know how to exchange the demonetised note of Rs.500 in banks, we exchange it for Rs.400 from middlemen (called sahukars) in shandies (weekly markets),” says Kinusudi Kamala. She is among the many tribal women who...
More »Imposed only reasonable restrictions, govt. tells SC -Krishnadas Rajagopal
-The Hindu Affidavit in SC denies any lack of preparedness in implementing the demonetisation policy Curb on Money transactions, including withdrawals and wedding expenses, are “only reasonable restrictions” imposed on the rights of the public for a limited time, the government said in its latest affidavit. “Cancellation of legal tender of Rs. 500 and Rs. 1,000 notes is only a reasonable restriction and regulatory in nature. Merely because there is a restriction on...
More »Demonetisation and the economy: Signs of distress everywhere -Ankur Bhardwaj
-Business Standard Indian economy is showing signs of distress all around and economists are not off the mark in their assessment When Prime Minister Narendra Modi addressed the nation on November 8 and announced his government’s big move to tackle black Money, currency counterfeiting and terror funding by banning old currency notes of Rs 500 & Rs 1,000, there were murmurs of protest. Since then, economists like Amartya Sen, Kaushik Basu and many...
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