-TheWire.in People have lost their jobs, small businesses are closing down and the agricultural sector has been hit hard as a result of demonetisation. The RBI must increase the supply of cash to curb further fallout. Money is not cash. In fact, cash in circulation was just 14% of all money in 2015-16 according to the Reserve Bank of India (RBI). Measures of money also count close substitutes of cash including the...
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Note recall most hurtful: Farmers
-The Telegraph New Delhi: A nationwide network of farmers today dubbed the demonetisation exercise "the most hurtful scheme since independence" and claimed that Prime Minister Narendra Modi's pledges for the agriculture sector announced on December 31 were "a rehash of what already exists". The network of farmers' associations and representatives from across the country said in a letter sent to the Prime Minister that the demonetisation move had shown a "dismaying disregard"...
More »Pronab Sen, Country director of the International Growth Centre, interviewed by Ajaz Ashraf
-Scroll.in India’s first chief statistician, Pronab Sen, is now country director of the International Growth Centre, which seeks to build effective growth facilities through engagement between policymakers and researchers. In this interview to Scroll.in, he speaks on the 50 days of demonetisation, its failings, its severe impact on the poor, the loss of credibility of the Reserve Bank of India, the push to make India a cashless or less-cash economy, and...
More »Cash goalpost is changed, again -Jayanta Roy Chowdhury
-The Telegraph New Delhi: The RBI has said deposits of demonetised notes with a value of over Rs 5,000 would be allowed just once in a bank account between now and December 30. The announcement not only lengthened the list of abrupt changes enforced since the note recall was announced on November 8 but also fuelled suspicion that the government is trying to dissuade people from depositing demonetised notes. The value of such...
More »R Nagaraj, an economist and currently a professor at the Indira Gandhi Institute of Development Research in Mumbai, interviewed by Kedar Nagarajan (Caravan Magazine)
-Caravan Magazine On 8 November 2016, Prime Minister Narendra Modi made an announcement declaring that notes of Rs 500 and Rs 1,000 would not be legal tender as a part of his government’s policy to clamp down on counterfeiting and black money. It has been widely reported that this policy would directly impact the real-estate sector, which typically witnesses a significant amount of transactions that are made through cash to avoid...
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