One cannot help but ponder if there is a pattern or even a hidden agenda behind these monetary policy upheavals.
IDBI Bank held a major chunk of the a/cs under probe. They belonged to 3,330 companies. The govt has called this likely scam 'just the tip of the iceberg'.
Demonetisation what a great word! No one has ever know that if something did not happen on the fasti date 8 Nov 2016. So there is no need of explanation about Demonetisation.…
Aruna Roy discusses the impact of demonetisation on the rural informal sector, the work of the MKSS, and the efficacy of demonetisation to curb black money.
The meaning of demonetisation is to replace the existing currency with a new one and to ban the older currency in any type of financial circulation.
The Union government has told the Supreme Court that the 2016 demonetisation was a “well-considered” decision and part of a larger strategy to combat the menace of fake money, terror financing, black money and tax evasion, the Union government has told the Supreme Court. Defending its decision to demonetise currency notes of Rs 500 and […]
1. FAKE CURRENCY-Out of circulation in one stroke. 2. HAWALA SOURCES DRIED UP-Funding stops to Terrorists, Naxalites and Underworld. 3. KASHMIR MOVING BACK TO N...
Economic affairs secretary says double counting possible; cash availability to improve in three weeks
Development economist Drèze says the sudden move to demonetize high-value currency notes has created a scary situation for people who live on the margin of subsistence.
Demonetisation impact: Cash sucked out, digital transactions up, tax base expanded
The five-member Constitutional bench of the SC, Justices SA Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian, and BV Nagarathna gave a 4-1 split verdict on the highly polarising topic.Justice Nagarathna, who was the juniormost judge in the Constitution bench was the only one to give a dissenting verdict on demonetisation.Justice Nagarathna said the scrapping of the whole series of Rs 500 and Rs 1,000 currency notes had to be done through legislation and not through a gazette notification as Parliament cannot be left aloof in a matter of such critical importance.
Increased stress in MFI loans resulted in a roll-over into higher delinquency buckets or non-repayment of loans for a longer time.
Here is a quick compilation of how leading brokerages and research houses interpret the development
India’s growth in 2017 appears to be retreating as the economy wobbles owing to the effects of demonetisation and the impact of tax changes. However, the report expects India’s average expansion rate in the next five years to increase to 7.3 percent during 2017-22 despite the structural strains due to reform measures. A report for India’s growth in 2017 appears to be retreating as the economy wobbles owing to the effects of demonetisation and the impact of tax changes. However, the report expects India’s average expansion rate in the next five years to increase to 7.3 percent during 2017-22 despite the structural strains due to reform measures. A report for -
A five-judge Constitution bench headed by Justice S A Nazeer, who will retire on January 4 was hearing a batch of 56 pleas challenging the demonetisation which was announced on the evening of November 8, 2016, following which around 90 per cent of the current notes in circulation seized to legal tender.Besides Justices Nazeer, other members of the five-judge bench are Justices BR Gavai and BV Nagarathna AS Bopanna and V Ramasubramanian.Earlier, on December 7, the SC had directed the Centre and the Reserve Bank of India (RBI) to put on record the relevant records relating to the government's 2016 decision and had reserved its verdict.
Demonetization:Liquidity shock for the nation but the citizen of country supported initiate to make it success.Now nation forwarding toward cashless economy
The government is hoping an economic revival in the next fiscal year, but that will happen only if the demonetisation effect is indeed short term.
Demonetisation did deal a temporary setback to some diamond polishing units in Surat, but experts say the industry has regained lost ground
By disallowing exchanging of old notes for new ones, the state is violating the right to property of those without bank accounts
A brief recollection of major demonetisation effects on GST. When Economics and Politics are intermingled and forced to mix with each other, chances are we could delay crucial decisions. The GST is one such case
One of the important issues for the Supreme Court to resolve in upholding the Centre's 2016 decision on demonetisation was whether Parliament had granted the Centre excessive powers under the law to demonetise currency. The dissenting verdict noted that excessive delegation of power is arbitrary, despite the majority decision upholding the legality of the delegated legislation. But what does delegated law entail?
A Madhya Pradesh Congress politician tweeted himself into a major controversy by comparing an array of central schemes, including demonetisation and GST, to "daughters" forced upon the country to get a "son" - Vikas (development)
The transition from farm to factory has been stymied in India because of regulatory policies that have made it difficult for firms to grow in size
The shortage of new notes may ease by December-end. But the economic effects will surely spill over into the next quarter, and maybe the whole of 2017.
Over 99% of the banned notes returned to banks.
He adds that the decision had also resulted in huge caches of black money being unearthed
Are you tired of getting stuck in the middle of an online UPI transaction due to poor internet connectivity? Well, fret not. You can even make UPI payments without internet connectivity. Eager to know how? Read on as we explain how you can do UPI transactions even in the absence of the internet.
Govt Tries Soothing Fears Of Mass Layoffs By MSME's Due Demonetisation
I went about asking many people in bank queues and markets about what they had to say on demonetisation. They all agreed there was some inconvenience but they largely supported it. The logic behind this was that they were willing to suffer in order to get back at the hoarders of black money. Writers and economists are all divided on party lines. The best and worst example being that of former Prime Minister and noted economist Dr Manmohan Singh calling demonetisation an "organised loot and a legalised plunder." Opinions it seems depends also on personal dislike. Even Amartya Sen called demonetisation a despotic act. Sen also alleged that it is a breach of promise but little efforts did he take to clarify his position. P N Bhagwati has refuted Amartya Sen on this ground. So we shall take a plunge into the matter and analyse each issue purely on the basis of its merit. Rabi crop row- Some economists cried foul that the Rabi crop has been ruined. But actually when demonetisation started on Nov 8, this crop was already three inches high since the season starts from October. Woes of the rural folk- Again, some critics are shedding tears for the village folk, saying that 80 % of the country's villages do not have banks. The percentage is possibly correct. But the conclusion that 80% of the nation's people do not have access to banking facilities is wrong. Look at what the Prime Minister said in his speech during Independence Day in 2012. Manmohan Singh, who was then the Prime Minister of India, had said that 50% of households have bank accounts. Four years since then and after Jan Dhan Yojana, the percentage of households having bank accounts is likely to be much higher than 50%. It may be 70%. Economists trying to deride Modi do not realise that banks in small towns serve all villages around the small town. If the villagers can come to the town to go to school, college, market and see cinema, can they not go to the banks as well? Black money and black economy- Black economy is different from black money, which is just a part of the larger economy. The total value of 500 and 1000 rupee notes is Rs 15.5 lakh crore.There is no reliable estimate of black economy which consists of land, real estate, jewellery and cash. Only the cash portion is black money. Demonetisation is only against black money and not black economy. The criticism that demonetisation will not tackle black economy is, therefore, misplaced. Unexplained cash deposits- This is the crux of the issue. Government had expected that Rs 4-5 lakh crore of cash in circulation would not come back. But this amount may not be more than Rs 1 lakh crore. How much of it will come back is not definite. Even if most of it comes, all of that will not become white. Income tax department will investigate and if the depositors are not able to explain, they can impose high tax and penalty which will, in turn, yield a high revenue. Apart from this, the department will get higher income tax on higher interest. So benefits from these will definitely accrue from next year onwards. The economy too will have more white money than black money. That itself is a transformation. Fake money- An estimated amount of Rs 400 crore of fake money will be eliminated. Property prices- Real estate prices have fallen and so the middle class has benefited. Mispricing of real estate had earlier stood on the way to entrepreneurship, global competitiveness and job creation. Recession- Some economic activity which depended on payment by black money may slow down but soon they will resume momentum with white money. Gold rush- Assumption that people will buy more gold is wrong as the gold or ornament merchants will not accept old Rs 500 and Rs 1,000 notes. GST– Kaushik Basu's remark that GST is a better alternative than demonetisation is based on a complete misunderstanding of what the Goods and Service Tax is. GST deals with indirect tax. Most black money is generated in direct tax. And even in the developed countries like UK, Germany or Canada where GST exists, there is substantial evasion. Digitisation- A higher level of digitisation has taken place following demonetisation and it will improve the ease of business. Therefore, the impact of demonetisation cannot be judged by merely how much black money has been rendered useless. We have also to take into account how much amount the income tax department can recover in raids, tax returns, penalties and other channels. Even if black has got converted into white, there has been a transformation from black economy to white economy to that extent. The prosecution of the money launderers will send shivers in the spine of the black prospective operators. The corrupt operators will now be dreading. Corruption has been brought to the centre-stage for launching an attack aginst it, while all along black money and corruption had been taken for granted. Demonetisation has had a transformational value on the psyche of people. It is a fundamental reform in India. After decades of rhetoric, some real action has been taken. Demonetisation along with all other policies such as the Jan Dhan Yojana, Aadhar-linked payments, mobile banking, GST, the Income Declaration Scheme and the Benami Property Act will have a real impact on black money. The kingdom of black money will be shaken from its roots. View at the original source
The Rs 55,000-crore sector may see loan losses in the range of 1-3% of the overall portfolio, Antique Stock Broking said in a research report.
RBI’s currency indent, or note printing order, for 2017-18 now stands at 21 billion pieces as against 28 billion pieces in the previous year
Modi's demonetisation move has led to severe cash crunch as RBI has replaced barely a third of the higher-value notes
As the government doles out social security scheme pension to the elderly people on the 15th of every month, pensioners had to bear the brunt of the centre's demonetisation move in various rural pockets of Kendrapara and Jagatsinghpur districts.
Expert's Views And SM Reactions On Modi's Currency Demonetisation
