Everyone has been going round and round in circles, quoting one economist or the other to either prove demonetisation was a success or a monumental failure. Many of us do not realize that we do not need any economist to prove whether demonetisation was a goalpost changing disaster or a[Read More…]
Tag: Demonetisation
Gujarat: 2 years post demonetisation, police seizes Rs 3.5 crore in old currency
NAVSARI: On Sunday, Police seized Rs 3.5 crore worth banned currency from a village in the state. Four people have been arrested in regards to the case. On November 8, 2016 Prime Minister of India, Narendra Modi declared the notes of Rs 1000 and Rs 500 as illegal tender with an[Read More…]
Demonetisation hit GDP by 2% points, says a research paper by leading economist Gita Gopinath
In a research paper co-authored by her, leading economist Gita Gopinath says that the Indian government’s decision of demonetisation affected the country’s economic growth by at least 2% points in the Q4(October-December) of 2016. The paper titled, Cash And The Economy: Evidence From India’s Demonetisation later talks about the severe implications[Read More…]
Rahul Gandhi slams PM Modi, says “Wont let PM rest till he waives farm loans”
In a press conference outside Parliament on Tuesday, Congress chief Rahul Gandhi once again hit out at Prime Minister Narendra Modi for not waiving off farmers loan. Citing the example of his new Chief Ministers who waived off the farm loans within few hours after their oath taking, Congress’s Rahul[Read More…]
Nepal Government bans India’s 2000, 500 and 200 rupees note
New Delhi: Nepal Government has imposed a ban on the new notes of Rs 2000, 500, and 200 of India. Information and Broadcasting Minister of Nepal Gokul Prasad Baskota gave this information on 13th December. However, the cabinet took this decision on December 10. As per the leading website of Nepal,[Read More…]
Demonetisation is massive, draconian, monetary shock: Arvind Subramanian breaks his silence
New Delhi: Arvind Subramanian kept a studied silence on demonetisation as long as he was Chief Economic Adviser but six months after quitting the job he has described the note ban as a massive, draconian, monetary shock that accelerated economic slide to 6.8 per cent in the seven quarters after[Read More…]
Congress crying over demonetisation as it has lost money: Modi
Shahdol (Madhya Pradesh): Stepping up his attack on the Congress and the Gandhi family, Prime Minister Narendra Modi on Friday said the Gandhis are crying even two years after demonetisation as they have “lost” ill-gotten money. “These days people are discussing development. People are discussing how in 55 years the[Read More…]
60 former civil servants write to CAG, question delay in demonetisation, Rafale audits
New Delhi: In an open letter to the Comptroller and Auditor General (CAG) of India, as many as 60 former civil servants have questioned the unusual delay in the national auditor coming out with reports on demonetisation and the Rafale fighter jet deal. “We wish to bring to the CAG’s[Read More…]
Demonetisation anniversary: Congress tears into Modi
New Delhi: Ridiculing Prime Minister Narendra Modi’s “knowledge of economics”, the Congress on Thursday ripped into him for the “reckless” decision of demonetisation that it said wrecked the economy and consumed many lives. On the second anniversary of the Modi’s 2016 decision to ban Rs 1,000 and Rs 500 notes,[Read More…]
Shifting goalposts: Demonetisation anniversary
2 years ago, this very day, the Prime Minister, Narendra Modi, in a nation-wide televised address, announced demonetisation. An activity that in his own words, made the Rs 500 and Rs 1,000 notes just another piece of paper. Modi cited curbing black money and corruption as the major reason to[Read More…]
Manmohan Singh calls ‘demonetisation an ill-fated, ill thought exercise’, Indian economy is yet to recover
Former Prime Minister Manmohan Singh shared his scathing opinion on the second anniversary of demonetisation on Thursday and said, “Today is a day to remember how economic misadventures can roil the nation for a long time.” “It is often said that time is a great healer. But unfortunately, in the[Read More…]
Gita Gopinath is right: Demonetisation is not recommendable, either in theory or in practice
The world is not new to economic blunders made by over-confident rulers. The world is not new to pain. But perhaps sometimes, a nation must suffer in order to realise that to equate its ruler with its God, comes with its own perils. As early as 301 AD,[Read More…]
Mission 2019: Unemployment, price rise creating rift within the blue colored cadre of BJP
In an opinion poll conducted earlier this year in 19 states claimed that nearly half of the voters don’t want to vote for the BJP and Prime Minister Narendra Modi again in 2019 Lok Sabha polls. The mood of the nation (MOTN) survey, conducted by CSDS-Lokniti for ABP news suggested[Read More…]
RBI new rules for defective notes refund
Reserve Bank of India has introduced new rules for the mutilated notes refund. On Friday RBI issued an advisory to all its branches for the exchange of mutilated/defective notes. As per the new amendments to the Reserve Bank of India (note refund) rules 2009, the public can exchange mutilated notes in Mahatma[Read More…]
‘Kamdar’ Modi destroyed India’s economy: Kapil Sibal
Senior Congress leader Kapil Sibal on Sunday hit back at Prime Minister Narendra Modi, saying the “so-called kamdar” had destroyed India’s economy with no jobs and no solutions to rising unemployment. Sibal’s comment comes in continuation of the war of words between the Bharatiya Janata Party (BJP) and the Congress, as Modi on Saturday lashed[Read More…]
99.3% demonetised currency worth Rs 15.3 lakh crore returned: RBI
In its annual report 2017-18, the Reserve Bank of India (RBI) said that the processing of demonetised Rs 500 and 1000 banknotes is complete and it has emerged that nearly 99.3 per cent of the notes worth Rs 15.3 lakh crore have been returned to the banks. An amount of[Read More…]
BJP MPs stall demonetisation draft report by Parliamentary Committee
Using its majority, the Bharatiya Janata Party members stalled the adoption of the draft report on demonetisation by Parliamentary Standing Committee on Finance, headed by former Union Minister Veerappa Moily. The committee said in its draft report that demonetisation was a decision of great ramification, which lea to at least[Read More…]
Opinion: Rahul Gandhi has to choose his words with care
By Amulya Ganguli Rahul Gandhi has had another of his escape-velocity-of-Jupiter moments. His reference to the massive gravitational force of the solar system’s largest planet was in the context of “explaining” how much velocity was required by a spacecraft to lift itself from the surface of Jupiter compared to what was[Read More…]
Who is new RBI director Swaminathan Gurumurthy?
Chartered Accountant and RSS idealogue Swaminathan Gurumurthy has been appointed as the new part-time, non-official directors on the central board of Reserve Bank of India. Gurumurthy, who is the co-convenor of RSS affiliate Swadeshi Jagaran Manch had gained recognition from his views on Swadeshi economics. Apart from CA, he is[Read More…]
Myanmar condemns false news of demonetisation
Myanmar’s Presidential Office has denied that it has issued an executive order to demonetise banknotes, saying that legal action will be taken against perpetrators of the fake news, media reported on Wednesday. Director-General and Spokesman of the President’s Office U Zaw Htay refuted the false executive order proliferating on Facebook,[Read More…]
New Rs 100 note brings worry to ATM operators
Earlier this week, Reserve Bank of India (RBI) announced launching a new series of 100-rupee notes. However, the move has brought along a fresh headache for the major companies engaged in the manufacture and supply of Automatic Teller Machines (ATMs) in the country. Like the new post-demonetisation Rs 2,000, Rs[Read More…]
New Rs 100 notes in lavender colour to be issued by RBI soon
The Reserve Bank of India (RBI) on Thursday said it will soon issue Rs 100 denomination bank notes. According to the RBI, the new bank notes will be in the Mahatma Gandhi (New) Series. The new denomination has motif of ‘RANI KI VAV’ on the reverse, depicting the country’s cultural[Read More…]
Nitish Kumar stand on 3C’s is a big farce
In national executive meet on Sunday, 8th July 2018 at national capital, New Delhi, the Janata Dal (United) sent a stern message to the Bharatiya Janata Party from its national executive meet, making it clear that it would not compromise on the 3Cs of communalism, crime and corruption even if[Read More…]
Lack of attention on education, health magnified in Modi rule: Amartya Sen
New Delhi: Nobel-winning economist Amartya Sen said the lack of attention on social sectors had taken a quantum jump in the wrong direction since the BJP came to power and that despite the visible prominence of backwardness in India, the political dispensation was diverting attention from the core issues. Things[Read More…]
Competition between BJP and rupee to see who will fall lower: Manish Tewari
New Delhi: Attacking Prime Minister Narendra Modi over the drop in the value of rupee, Congress on Friday said there seems to be a competition between the BJP and the rupee to see who will fall lower. Congress spokesperson Manish Tewari likened the country’s economy is like a rudderless boat[Read More…]