-Down to Earth More than creating financial crunch for upcoming sowing season, cash crunch is impacting the prices at which farmers are selling their produce While the Union government is promising that cash crunch in the market would end soon, the farmers have already started feeling the pinch badly. The fears of demonetisation have come back for them. They are in soup because not only is this the harvest season, but also...
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ATMs run out of notes: Here's the reason behind the massive cash crunch -Somesh Jha
-Business Standard Although the rate of cash circulation has surpassed the pre-demonetisation level, it is not in tandem with the rate of economic growth Automated Teller Machines (ATMs) across various states are running dry with the present situation reminiscent of demonetisation of high-value currency notes one-and-a-half years back. States, including Gujarat, Uttar Pradesh, Madhya Pradesh, Bihar, Andhra Pradesh, Manipur and Telangana, have reported shortage of cash at ATMs. A stock-taking analysis submitted by...
More »Big-note hoarding habit contagious
-The Telegraph Mumbai: Research by the State Bank of India suggests currency notes of higher denominations, especially Rs 2000 notes, are "not getting adequately circulated in the economy" and the tendency to hoard cash may be having a domino effect. An SBI research report tries to provide a theoretical basis for the sudden evaporation of cash in some states by linking the phenomenon to the sharp decline in "income velocity" in the...
More »Cash crunch continues in many states, but banks say situation improving
-Hindustan Times Empty ATMs and complaints reported from Patna to Haridwar. ATMs in Bihar, Madhya Pradesh, Uttarakhand and Gujarat ran empty on Wednesday, but banks said cash flow had improved a day after people in many parts of India struggled to get money in their hands. Public lenders State Bank of India (SBI), Punjab National Bank, Canara Bank and privately owned Axis Bank said in separate statements that only few of their ATMs...
More »What demonetisation did to tax collections -Aarati Krishnan
-The Hindu It has sharply lifted tax buoyancy and ushered many new return filers into the income tax net The argument about whether demonetisation was good or bad for the economy refuses to die down even a year after the event. Former RBI Governor Raghuram Rajan took potshots at it in a recent speech. While one can endlessly debate, with very little data, on whether the ban on high-value currency notes dealt a...
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