-The Indian Express When announcing the decision on November 8, the government had said the then Rs 500 and Rs 1,000 notes would cease to be legal tender and this would cleanse the system of black money. A Parliamentary panel has come down heavily on demonetisation, describing it as one that not just inconvenienced the poor but also affected the manufacturing sector. “It was an effort to combat corruption, tax evasion and...
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Par panel to summon RBI Governor Urjit Patel again on April 20
-PTI Besides Patel, Economic Affairs Secretary Sashikanta Das and Financial Services Secretary Anjuly Chib Duggal are also being asked to appear before the Committee. A Parliamentary panel has decided to summon Reserve Bank Governor Urjit Patel again to explain how much of the junked currency has been deposited in banks post note ban and the progress made in remonetisation. The meeting of the Standing Committees on Finance, headed by former cabinet minister M...
More »Law matters, not PM's word: A-G to SC on note ban deadline -Utkarsh Anand
-The Indian Express "There is no question of PM’s speech...if PM says March 31, 2017 but the law says December 30, 2016, the law will prevail over the PM. Let’s be clear about that first," the A-G submitted before a bench led by Chief Justice of India J S Khehar The Central government’s top law officer, Attorney General Mukul Rohatgi, told Supreme Court Tuesday that the “law will prevail over” Prime Minister...
More »Macroeconomic Impact of Demonetisation: A Preliminary Assessment -RBI
-eSocialSciences.org The analysis in this paper suggests that demonetisation has impacted various sectors of the economy in varying degrees; however, in the affected sectors, the adverse impact was transient and felt mainly in November and December 2016. The impact moderated significantly in January 2017 and dissipated by and large by mid-February, reflecting the fast pace of remonetisation. The latest CSO estimates suggest that the impact of demonetisation on GVA growth was...
More »Five reasons why economists doubt India's October-December GDP growth of 7% -Raj Kumar Ray
-Hindustan Times New Delhi: India’s economic growth of 7% during October-December has sparked a debate on how output grew so fast at a time when the country was facing its biggest-ever cash crunch after Prime Minister Narendra Modi announced on November 8 the demonetisation exercise, which weeded out 86% of the currency notes in circulation. Economists and experts cite at least five reasons why the government data of a robust economic growth...
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