-The Times of India MUMBAI: A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black Money menace. Since PM Narendra Modi launched the demonetisation drive on November 8, these cooperative banks, which are yet to be computerised and still use physical ledger books, are taking cash from customers and opening backdated fixed deposits...
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Their factories paused, owners send workers to line up for new notes -Sarah Hafeez
-The Indian Express While owners say production has been hit as a result of people skipping work to withdraw Money or exchange old notes, workers say they have been doing it for their owners. New Delhi: SINCE THE November 8 announcement that rendered old Rs 500 and Rs 1,000 notes invalid, workers of factories in the industrial suburbs of the national capital have been spending more time queuing up outside ATMs and...
More »'Rollback Demonetisation', Say Eminent Citizens
-TheWire.in The government’s decision to demonetise Rs 500 and Rs 1000 notes, announced by Prime Minister Narendra Modi last week, has led the nation into a situation of chaos. Endless queues have formed before banks and ATMs and the cash economy has been affected adversely. Over 150 eminent citizens have issued a statement today, against demonetisation, questioning its efficacy in eliminating black Money. The statement – signed by Prabhat Patnaik, Nayantara Sahgal, Prashant...
More »India needs strategy for dal production; here?s why -Yoginder K Alagh
-The Financial Express There is by now substantial agreement amongst analysts that a strategy for dal production which ensures supplies and a reasonable degree of self-reliance is sorely needed, and the country cannot go from one crisis to another without a well-worked-out policy. However, the discussion is flawed on its assessments of what governments can and cannot do and on the lack of a short and medium strategy to enhance production....
More »In fact: When the Money stops -Harish Damodaran
-The Indian Express The effects of de-monetisation will be the most acute when it spreads from consumption in households to production in factories and by farmers across the country. So far, the effects of Prime Minister Narendra Modi’s ‘de-monetisation’ of existing Rs 500 and Rs 1,000 denomination currency notes have been largely felt by households, shopkeepers and other microenterprises. These economic agents have, to a limited extent, adjusted to the new situation...
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