-The Economic Times MUMBAI: As India struggles with demonetization, individuals and businesses are using old currency notes to settle debts while income tax officials are at a loss how to go about imposing 200% penalty -- as announced by a senior finance ministry official -- on such funds flowing into Banks. Firms are clearing dues to suppliers, depositing cash in Bank accounts to repay old loans, and buying memberships of clubs, SPAs...
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In hunt for big sharks, livelihood of the poor becomes small change
-The Hindu With little cash in hand, small traders and shopkeepers are unable to keep their businesses running Surendar’s move from Bihar to Perambalur in the heart of Tamil Nadu in search of a livelihood has turned sour over the past few days. A school dropout, Surendar, who made a living selling pani-poori from a cart in this town, has seen his business plummet since the November 8 demonetisation announcement. “Everyone brings...
More »Motive behind demonetisation is justifiable but there may be collateral damage
There are reports from all over the country that the recent decision by the government to demonetise currency notes of Rs. 500/- and Rs. 1000/- denomination has affected everyone. However the consequence of this financial measure is lopsided and it will be mainly borne by the farmers, informal sector workers, women and the financially excluded. Please check the links/ urls below this news alert to know everything about demonetisation. Till a few...
More »Demonetisation damage greater than its benefits, says Kaushik Basu -Arup Roychoudhury
-Business Standard On day-2 of the demonetization drive, serpentine queues have reported from Banks and ATMs around the country World Bank Chief Economist and India’s former chief economic advisor Kaushik Basu said that the Narendra Modi government’s demonetization drive was not ‘good economics’ and that the damage it causes will be greater than its benefits. “GST was good economics; the demonetization is not. Its economics is complex & the collateral damage is likely...
More »Dead since birth, Jan Dhan accounts now flush with cash -Yogesh Dubey & Aditya Dev
-The Economic Times AGRA: A large amount of cash has suddenly started flowing into previously inactive Jan Dhan accounts in the aftermath of the demonetisation of Rs 500 and Rs 1,000 notes. The Jan Dhan Yojana was launched in August 2014 with an aim to bring the poor into the fold of Banking facilities, and empower them financially by encouraging savings, and easing loan delivery and direct cash transfer. Accounts opened at the...
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