-The Hindu KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation: * What is your view on the ongoing demonetisation exercise? It has no economic rationale. It does not serve any purpose. * Why do you say...
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Vanishing Note, Yawning Chasm -Shaji Vikraman
-The indian Express Govt hopes demonetisation will accelerate India's drive towards a cashless economy. The challenge, however, is to get the unbanked millions into the net. Mumbai: FOR MOST of this year, bankers at State Bank of India, the country’s largest bank, were trying hard to market Point of Sales (POS) machines for debit and credit cards to small businesses and establishments. This would give the bank Access to funds at relatively...
More »Dr. Kavita Rao, professor at National Institute of Public Finance and Policy (NIPFP), interviewed by Supriya Sharma (Scroll.in)
-Scroll.in The author of a paper published by a research institute under the Ministry of Finance expands on its conclusions. The drying up of cash has thrown the lives of millions of Indians in disarray. But many facing hardship support the government’s move. In Barabanki, Uttar Pradesh, a farmer who did not have cash to buy seeds and fertilisers, said, “Now when rich people deposit money in the bank, the income tax people...
More »Distract from Ineffectual Governance, Say Civil Society Members -Nehmat Kaur
-TheWire.in As the unorganised sector continues suffering, civil society members, bankers and politicians remain sceptical of demonetisation’s impact on black money. It is no secret that India’s informal sector, a largely cash-based economy, has taken a big hit because of demonetisation. While the government insists that the suffering is only temporary and worth it for cracking down on black money, several representatives from the unorganised sector are presenting a starkly different account...
More »Distress without resistance: Patnaik
-The Telegraph New Delhi: A fisherman from Kerala today said the people's resignation in accepting the currency recall despite the distress was not a sign of support but a reflection of how difficult it was mobilise people strapped for cash. "This note-ban is an attack on people's movements," said T. Peter of the National Fishworkers' Forum at a public meeting on 'Does Demonetisation Tackle Black Money?' "People cannot even come out to protest...
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