-PTI Amritsar: Aiming to move towards a cashless India, the Centre and states could soon have powers to specify categories of employers who will have to pay wages either through cheques or by crediting the amount directly into the workers’ bank account. “The Government is ready with the Payment of Wages (Amendment) Bill, 2016 which seeks to empower the Centre as well as states to specify industrial or other establishments where employers...
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Barter is the best bet for a few tribals here -Santosh Patnaik
-The Hindu To overcome currency shortage at weekly markets, they are banking on the age-old practice CHAMPAGUDA (VISAKHAPATNAM DISTRICT): “What will we do with the Rs.2,000 note, which is a very big amount for us? As we don’t know how to exchange the demonetised note of Rs.500 in banks, we exchange it for Rs.400 from middlemen (called sahukars) in shandies (weekly markets),” says Kinusudi Kamala. She is among the many tribal women who...
More »Veggie wholesale rates crash, retail prices only dip in cities -Subodh Varma
-The Times of India In the finely balanced but lucrative economy of vegetable and fruit trade, demonetisation has had a bizarre effect. In distant rural areas, local vegetable prices — both wholesale and retail — have crashed as the oxygen of currency has been suddenly sucked out. Since the whole economy depended on cash, from transport to mandis to purchase prices, this is unsurprising. But in cities, where there is more liquidity,...
More »Narendra Modi's crop insurance scheme has few takers -Sayantan Bera
-Livemint.com Only 23.6% of farmers enrolled for the scheme in 2016, against 22.2% in 2015 New Delhi: Despite setting an ambitious target to cover half of all farmers under crop insurance, the first season rollout of the Pradhan Mantri Fasal Bima Yojana (PMFBY) has been tepid. According to the agriculture ministry, during the kharif 2016 season beginning June this year, 32.6 million farmers enrolled under PMFBY. While that is a 6.3% rise in...
More »Demonetisation Alone Can't Turn Agricultural Markets Cashless -Nidhi Aggrawal and Sudha Narayanan
-TheWire.in A large chunk of India’s farmers continue to depend on commission agents and not formal institutions for credit, thereby relying on cash. It is now official. Demonetisation has led to an implosion of agricultural trade in the country. In the week following demonetisation, soyabean arrivals in select major states had collapsed by 87% relative to average arrivals over the week preceding demonetisation. The figures were 55% for paddy, 61% for guar,...
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