-The Telegraph New Delhi: The Narendra Modi government has started to fumble for explanations, with the original raison d'etre for the demonetisation drive coming under strain because of the high volume of cash deposits that have poured into bank accounts. Almost 80 per cent of the Rs 500 and Rs 1,000 notes that were demonetised on November 9 has come straight back into the banking system, prompting the government to change the...
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Demonetisation: A month after move, why are we still strapped for cash? -Shameen Alauddin
-Business Standard RBI says it has released only Rs 4 lakh crore but banks have received Rs 11.55 lakh crore in deposits from the public; 65% currency remains unreplaced New Delhi: Even as India grapples with an acute shortage of currency notes, Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday announced that Rs 4 lakh crore (19.1 billion notes) had been injected into the system. The crunch might go on...
More »Are Jan Dhan accounts being misused? Unlikely, shows data -Karthik Shashidhar
-Livemint.com The increase in bank balance in Jan Dhan accounts is not extraordinary as they are being used as much as regular bank accounts, following demonetisation Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts are in focus again thanks to the new notification by the Reserve Bank of India (RBI) imposing withdrawal limits on such bank accounts. The ostensible reason for this is concern that such accounts might be being used to convert...
More »Harried bankers want to shut shop till there's enough cash -Saloni Shukla
-The Economic Times MUMBAI: Bank employees want branches to be closed until the Reserve Bank of India (RBI) supplies sufficient quantities of currency notes as irate customers increasingly harass staffers and indulge in arson and physical assault amid a cash shortage following demonetisation of high denomination notes last month. "RBI should take a view to stop banking operations for 15 days till adequate money is available. Let RBI close the banks till...
More »M Govinda Rao, ex-Director, National Institute of Public Finance and Policy (2003-13), interviewed by S Rajendran (The Hindu)
-The Hindu Centre for Politics and Public Policy Prime Minister Narendra Modi's announcement demonetising high denomination notes on November 8, 2016, will do little to address the prime objective of flushing out black money but will adversely affect the economy in the short term, especially the informal sector, which is predominant in India, says M. Govinda Rao, a Member of the Fourteenth Finance Commission and Emeritus Professor, National Institute of Public...
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