-The Economic Times Consumer inflation touched a seven-month high in October denting hopes of rate cut when the Reserve Bank of India reviews the monetary policy next month. Retail inflation, as measured by the consumer price index (CPI) rose to 3.58% in October from 3.28% in September, data released by the government showed. “While we expect the RBI’s March 2018 projection to be revised down a notch, but October’s CPI and the likelihood...
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Where Do Nepal and Bhutan Stand One Year After Demonetisation? -Devirupa Mitra
-TheWire.in While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes. New Delhi: When Prime Minister Narendra Modi announced that India would demonetise over 80% of its bank notes on November 8, 2016, two neighbouring nations were also taken by surprise. Nepal and Bhutan both have significant reserves and usage of Indian currency, with the latter giving it the status of...
More »A damaging and mindless act -Prabhat Patnaik
-The Hindu Business Line It was a gratuitous and direct assault on the informal sector by the state The retrospective defence being provided by the Government for its act of suddenly demonetising 86 per cent of the country’s currency is as mindless as the act itself. The main argument for demonetisation that was advanced a year ago was that ‘black money’-holders would not dare to bring their demonetised currency to the banks;...
More »One year after demonetisation: Credit card use up but balance due surges by 39 per cent -George Mathew
-The Indian Express In fact, card outstandings have shot up by 77.74 per cent in the last two years, from Rs 33,700 crore in September 2015. Mumbai: Nearly A year after demonetisation, credit card usage has seen a sharp rise with outstandings rising 38.7 per cent during the 12 months ended September 2017. The total credit card outstandings - money spent by card holders and not repaid to the card company or...
More »Note ban anniversary: RBI says still verifying returned notes
-PTI NEW DELHI: Nearly a year after Prime Minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being "processed in all earnest" through a sophisticated currency verification system, the RBI has said. In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs 500 notes and 524.90 crore pieces of Rs 1,000 junked notes, having face...
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