-MoneyLife.in Responding to a question raised by Rajya Sabha MP (member of parliament) Subramanian Swamy, the finance ministry informed the parliament that Rs10,720 crore worth of old Rs1,000 and Rs500 notes did not return into circulation after demonetisation. According to the finance ministry, when demonetisation was announced on 8 November 2016, Rs15,41,793 crore worth of withdrawn notes were in circulation. The finance ministry revealed in its written reply that, after verification and...
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Government bans futures trading in seven commodities
-MoneyControl.com India has suspended futures trading in seven commodities with immediate effect in its latest move to rein in soaring inflation. The Finance Ministry has suspended trading in futures contracts of some agricultural commodities for one year to reign in inflation. Trading in seven commodities - paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong - has been suspended with immediate effect, according...
More »Demonetisation one of independent India’s most devastating measure that left a permanent scar on the economy -Prabhat Patnaik
-National Herald The combination of ignorance, arrogance and the desire for “shock and awe” on the part of Modi government can be quite lethal, as the Indian people have learned to their great cost In the entire history of post-independence India, no single economic measure has been as devastating for the people and as utterly futile in achieving its stated objectives, as the demonetisation of Currency notes of Rs 500 and Rs...
More »Pronab Sen, Programme Director for the IGC India Programme and first Chief Statistician of India, interviewed by Vikas Dhoot (The Hindu)
-The Hindu The ill-prepared move left India with all the damages and very few of the benefits On November 8, 2016, Prime Minister Narendra Modi announced that from midnight, ₹500 and ₹1,000 notes would no longer be considered legal tender in India. The government’s stated aim was to curb corruption and the pervasion of black money in the economy, as well as the proliferation of fake Currency which was also being used...
More »After 5 years of demonetisation, black money is very much around -Dinesh Unnikrishnan
-MoneyControl.com The Narendra Modi government expected demonetisation to extinguish at least Rs 3-4 lakh crore of black money. However, RBI data show that 99% of the money that was invalidated came into the banking system. Meanwhile fresh seizures of black money continue. On November 8, 2016, Prime Minister Narendra Modi appeared on national television and said that all Rs 500 and Rs 1,000 notes would become invalid at midnight. The announcement at...
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