Declaring demonetisation a complete failure may turn out to be hasty, argues economist Ashok K Lahiri.
James Wilson tracks down discrepancies in the much-hailed demonetisation policy and the subsequent statements of the government and the Reserve Bank of India.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
James Wilson explains why Indians are destined to silently suffer the cash shortage for half a dozen more months.
Besides, auditors are required to mention in their reports whether the companies have made adequate disclosures about dealings in junked notes during demonetisation
Shivakumar and his MP brother Suresh calling it a 'vindictive act' by the Bharatiya Janata Party-led government at the Centre to frame them.
Non-Resident Indians and Indian nationals abroad can deposit up to Rs 25,000 of the demonetised currency during the 3-6 month grace period, but only if they show the junked notes to Customs officials at the airport and get a declaration form stamped.
'RBI is taking all steps to complete the process expeditiously so as to release firm figures at an early date.'
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
'During the transition process, we have some control over the withdrawals.' 'In terms of your wealth, the money in your deposit account is where it is.'
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