-The Hindu Why the drop in rates? Garlic has been the latest casualty of the price crash in the vegetable market after poor returns of tomato and potato crops forced many farmers to abandon their produce owing to a bumper output in recent days. The miseries of financially distressed farmers seem far from over even as they continue to demand waiver of farm loans and remunerative prices for their produce through several...
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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 »Taxmen begin raids on hoarders of cash as Centre, RBI pump in notes -Sidhartha
-The Times of India NEW DELHI: Tax authorities have conducted 30-35 raids in Karnataka and parts of Andhra Pradesh as part of a drive to smoke out cash hoarders, even as the government and RBI moved to pump in funds into some of the states facing a currency crunch. In Bihar, for instance, Rs 800-900 crore has been pumped in through the ATM network with initial assessments suggesting that the shortage may...
More »As Empty ATMs Reported, RBI Says Shortage Due To Logistical Reasons: 10 Points -Debjani Chatterjee
-NDTV (With inputs from agencies) As ATMs ran dry in several parts of the country, finance minister Arun Jaitley said the shortage is temporary and is being tackled quickly. New Delhi: In response to reports that ATMs in several states are running dry, Finance Minister Arun Jaitley today conceded a "temporary shortage in some areas" and said it was being "tackled quickly". The Reserve Bank of India said the shortage...
More »Well-oiled ring offering to change old notes for a hefty commission, say officials -Vijaita Singh
-The Hindu Syndicates target cash hoarders The government's decision to scrap ?500 and ?1,000 notes in 2016 has led to the creation of a space for police acting as complainants in multiple cases of ‘cheating.’ The cash haul in Uttar Pradesh last week, where 16 people were arrested for allegedly storing scrapped ?500 and ?1,000 notes worth ?96 crore is a case in point. The tip-off was provided by the National Investigation Agency...
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