-Hindustan Times New Delhi: The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out Black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data. Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards. In...
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How India's currency ban is hurting the poor -Soutik Biswas
-BBC India's latest crackdown on Black money is turning out to be a nightmare for the poor and the middle class. Three days after 500 ($7) and 1,000 rupee notes were withdrawn as part of anti-corruption measures, hordes of panicky people are thronging banks and ATMS to deposit expired money and withdraw lower denominations to run their lives. The queues are getting longer and angrier, and despite the government's loud promises, banks and...
More »Prabhat Patnaik, economist and professor emeritus at Jawaharlal Nehru University, interviewed by Jahnavi Sen
-TheWire.in In conversation with economist Prabhat Patnaik on the government’s decision to demonetise Rs 500 and Rs 1000 notes. On November 8, Prime Minister Narendra Modi addressed the nation at 8 pm and announced that Rs 500 and Rs 1000 notes would no longer be legal tender after midnight that night. This move was needed to tackle the “disease of Black money,” he said. Since then, their have been numerous reports of how...
More »Will Modi's big currency-scrapping gamble yield results? -Roshan Kishore
-Livemint.com Demonetization could cause temporary pain to those who have unaccounted incomes One of the biggest issues which helped Prime Minister Narendra Modi capture power in 2014 was the promise to crack down on corruption and Black money. Midway in his tenure, he has announced scrapping of currency notes of Rs.500 and Rs.1,000 to curb Black money and other illegal activities such as counterfeiting of notes and money laundering. Given the fact...
More »Rs 500 and Rs 1,000 ban: Narendra Modi govt has created 50-day hawala window for old notes -Narayanan Madhavan
-Firstpost.com Think of it as a 50-over one-day cricket match, with each day equivalent to an over. The game has just begun. The government of India, popularly known as Modi sarkar, has just created a 50-day hawala window for those with Black money – albeit in a loose sense. The term hawala is usually used for illegal trade in foreign exchange going back to the times before 1993 when India had tight...
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