-PTI/ The Hindu Justice Nagarathna dissents from majority judgment, says DeMo of high-value currency notes was ‘vitiated and unlawful’ New Delhi: The Supreme Court on Monday upheld the legality of the Centre’s 2016 decision to ban Rs 1,000 and Rs 500 currency notes, saying the decision-making process was neither flawed nor hasty and that it was “not relevant” whether the stated objectives were achieved or not. In a big win for the Narendra...
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Six years since demonetisation, cash with public at record high of ₹30.88 lakh crore
-PTI/ The Hindu The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy. Currency with the public has jumped to a new high of ₹30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move. At ₹30.88 lakh crore, the currency with the public is 71.84% higher than the...
More »First Time in 20 Years, Currency in Circulation Declines in a Busy Diwali Week: SBI
-The Telegraph In a remarkable development, for the first time in 20 years, currency in circulation (CIC) declined during Diwali week. With the increased acceptance of digital payments in the country, over-reliance on cash is slowly fading away. Over the years, the Indian cash-led economy has now changed to a smart-phone led payment economy, says a research note. In the report, Dr Soumya Kanti Ghosh, group chief economic adviser of State Bank...
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...
More »5 reasons why cash is back in the economy after 5 years of demonetisation -Anand Adhikari
-BusinessToday.in Two years prior to demonetisation, the currency, as well as the nominal growth in the economy, was in the range of 10-12 per cent. But in the last two years, currency in circulation has grown by 14-16 per cent whereas the nominal GDP growth has been lower. Five years after demonetisation, the cash in the system is back at a much higher level. The government had demonetised the high-value notes of...
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