-The Hindu Business Line The possible gain arising out of tax compliance has come at too high a human cost ‘There are three kinds of lies: lies, damned lies, and statistics.’ – Benjamin Disraeli After the RBI’s latest revelations — of 99 per cent of the extinguished Currency having returned to the banks — media pundits and economists have wasted no time in saying that efforts to obliterate black money have failed. However,...
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Gujarat accounted for 40% of fake Rs 2,000 notes seized -Ashish Chauhan
-The Times of India AHMEDABAD: When Prime Minister Narendra Modi announced demonetization on November 8, 2016, of his stated intentions for the move was to attack counterfeit notes. However, the rate of seizures of fake Currency notes across the country has remained the same, even after Rs 500 and Rs 1,000 notes were declared illegal. The model state of Gujarat had the most seizures of Rs 2,000 notes after demonetization, figures...
More »Printing presses to RBI: Pay us Rs 577 cr for note-ban loss -Ritu Sarin
-The Indian Express The Rs 577-crore bill is largely on account of huge consignments of imported/indigenous Currency note paper used for Rs 1,000 and Rs 500 denominations as well as consignments which had been previously ordered or were in the process of being shipped to India. New Delhi: The government’s Currency paper printing presses have asked the Reserve Bank of India (RBI) for compensation or reimbursement to the tune of Rs 577...
More »Demonetisation is a Clear Case of How Public Policy Should Not be Made -Arun Kumar
-TheWire.in Demonetisation as a means of tackling the black economy was destined to fail. What’s worse is that its ripple effects are having severe adverse effects on India’s economy. That 99% of the Currency demonetised found its way back to the RBI has been known for some time. The surprise is why it took so long for the announcement to be made. An article in the Economic and Political Weekly in June...
More »No information on how much black money removed by note ban, says RBI
-PTI NEW DELHI: The RBI has told a parliamentary panel that it has "no information" on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of Currency post note ban. Stating that an estimated Rs 15.28 lakh crore in junked notes has come back "subject to future corrections based on verification process", the Reserve Bank also said it...
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