-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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Usurers cash in as bank loans to farmers dry up -Bhavika Jain
-The Times of India MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides, there are restrictions on district cooperative banks (DCCBs). Officials said the crisis gave moneylenders an opportunity to get rid of defunct notes as loans were disbursed in old notes and they...
More »Poor swiped out in choice-less, not cash-less, society -Aruna Roy and Nikhil Dey
-The Indian Express For the poor, with little cash in the first place, digital promises to ‘swipe’ them out, before their marginalisation is even addressed. Demonetisation is, by its very nature, an autocratic, coercive step. The demonetisation of November 2016 has affected every single Indian. We are, as usual, persuaded to bear the pain and suffering, to “sacrifice” for the nation. The rhetoric continues but it now seems clear that the objective...
More »Why it's barter or cash in this 'cashless' Ambala village -Vinod Kumar
-The Indian Express Three villages, with a combined population of about 5,000, have only one bank and no ATM. Ambala: Chamanlal, 28, a barber in Bara village, does not have a debit card and has never seen a point-of-sale (PoS) machine. He charges Rs 20 for a haircut and Rs 10 for a shave — all in cash. He is among the few in the village who has a smartphone, but has...
More »The pursuit of unreason -Prabhat Patnaik
-The Telegraph A distinguished Ugandan social scientist of Indian origin,whom I happened to meet earlier this month at an academic conference, told me that Narendra Modi's demonetization reminded him of the fiat in 1972 of the Ugandan dictator, Idi Amin, that all Asians should quit Uganda within a period of three months. His analogy, of course, would be considered inapposite for an obvious reason: expelling people from their places of domicile,...
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