KEY TRENDS • Oxfam India's 2023 India Supplement report on poverty and inequality in India reveals that the gap between the rich and the poor is widening. Following the pandemic in 2019, the bottom 50 per cent of the population have continued to see their wealth chipped away. By 2020, their income share was estimated to have fallen to only 13 per cent of the national income and have less than 3...
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E-rupee transactions will not be tracked
-The Telegraph Many experts, including former RBI governor D Subbarao, have flagged concerns over the privacy aspect of CBDC Mumbai: The RBI on Wednesday said the central bank digital currency (CBDC) will remain anonymous and regulations that are applicable to paper currency will prevail on the e-rupee. Earlier this month, the RBI had begun a pilot for the retail digital rupee after it launched another project for wholesale digital rupee among financial institutions. Many...
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 »As migrant workers return to work, domestic remittances rise -Surabhi
-The Hindu Business Line The trend signals normalisation of economic activities to pre-Covid levels With economic activities reverting to normal on most fronts, domestic remittances by migrant workers, too, has touched pre-Covid level and in fact is even higher, according to payment players. “Things have got back to normal, we see a lot of activity in the market. People have gone back to jobs and continue to send money. That market continues to...
More »Five years of demonetisation: Black Money deals down 75-80%; sales outstrip new supply
-MoneyControl.com In post-DeMo Q4 2016-Q3 2021, sales of approximately 10.37 lakh units outstripped new launches that were at approximately 9.04 lakh units cash transactions in the housing market have reduced by at least 75-80 percent since demonetisation five years ago. Buyers no longer buy homes to get rid of black money - they now buy them because they want to own homes. But the component is still finding its way into property...
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