-Firstpost.com There is a famous couplet by Iqbal that, if loosely translated, goes like this: There must be something about us that ensures we are never destroyed or decimated even when the world has been our enemy for ages. Now, apply that to the current war on illegal cash by the Narendra Modi government: It seems there is really something about Indian cash that ensures its survival. Note the figures. On 8 November,...
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What is Islamic Banking and why does the RBI want it in India? -Seema Rao
-Scroll.in The Islamic financial system works on the principle of not charging interest. What is Islamic Banking? Islamic Banking is a Banking system in accordance with the Shariat. In Islam, money has no intrinsic value – money, therefore, cannot be sold at a profit and is permitted to be used as per shariat only. The Islamic Law or Shariat prohibits paying any fee for renting of money (called riba) for specific periods of...
More »Vasectomy link to cash -Piyush Srivastava
-The Telegraph Lucknow: Puran Sharma needed cash to take care of his family's daily expenses. So he went to a health camp and got a vasectomy done. The 45-year-old day labourer returned home on Friday richer by Rs 2,000, though the money didn't come in 20 hundred-rupee notes as he had hoped it would. The amount would be transferred to his Bank account. If Puran was a tad disappointed, the Uttar Pradesh villager...
More »Helping India's farmers embrace a cashless economy
-The Times of India NEW DELHI: The government has taken a slew of measures to ensure that cash requirements of farmers are not adversely impacted due to the demonetisation exercise, even as it has urged farmers to join the movement for cashless transactions in the ongoing sowing season. About 50 farmers did their first cashless transaction at the event and bought seeds and fertilisers in the presence of Union ministers. Agriculture Minister Radha...
More »Opposition raises RBI hole in House
-The Telegraph New Delhi: The Opposition today sought to nail the government on a technicality: not one of the 30-and-counting notifications issued by the finance ministry and the RBI on demonetisation has been tabled in Parliament. The issue was flagged by the Congress's Anand Sharma in the Rajya Sabha. He said tabling the RBI's notifications was mandatory according to a decision of the committee on subordinate legislation. In case of notifications issued...
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