Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
The Delhi high court on Tuesday restrained the Aam Aadmi Party and several of its leaders from levelling "false" allegations against Lieutenant Governor Vinai Kumar Saxena and his family, after they claimed that he was involved in a Rs 1,400 crore scam.
"On demonetisation, across the board for pretty much all of industry, and CPG (Consumer Packaged Goods) in particular because it hit the individual retailer significantly, demonetisation had a significant impact on our India business in Q4," Nooyi said during an earnings call for Pepsi's fourth quarter that ended on December 2016.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
Stating that implementation of the demonetisation policy had its "share of challenges", Nooyi hoped that things will return to normal by the second quarter.
Sources said the government wants all of the 500 and 1000 banknotes to be deposited and not burnt or destroyed for the fear of penal action.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
At the customary post-Budget media interactions, Finance Minister Nirmala Sitharaman and her topmost bureaucrats touched upon a number of issues. The minister said the government taxing income from digital virtual assets did not give them legitimacy and that issue was being dealt separately in the planned cryptocurrency Bill. She also expressed confidence that the Budget targets were achievable.
Car sales likely to touch record 3-mn mark by the end of March.
Some genius assumed that a 2,000 note could seamlessly replace 500s and 1000s in ordinary transactions. If that genius had consulted an actual chai-wallah, he might have thought twice, argues Devangshu Datta.
Delhi's Lieutenant Governor V K Saxena on Monday sent a legal notice to Aam Aadmi Party leaders, accusing them of levelling 'false and derogatory' allegations against him, days after they claimed he was involved in a Rs 1,400-crore 'scam' during his tenure as the Khadi and Village Industries Commission (KVIC) chairman.
In refusing to accept its failure, the government has sowed the seeds of further damage: by keeping India short of cash; reducing the headroom for responses to seasonal spikes in cash demand; and increasing the chances that groups will panic at temporary cash shortages, says Mihir Sharma.
James Wilson tracks down discrepancies in the much-hailed demonetisation policy and the subsequent statements of the government and the Reserve Bank of India.
The specifics will also cover what's fit and proper to be a chest manager; the insurance and re-insurance aspects; and the new capital threshold, which is Rs 100 crore now.
With NEFT, which drives the retail payments value, operationalised on a 24x7x365 basis, the country's payment systems landscape is headed for substantial growth.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
The decision is aimed at discouraging hoarding of valid currency notes
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
As on June 16, currency in circulation was Rs 15.29 lakh cr, or 86.2% of pre-note ban level
The government is waiting for new currency to get into the system first and as and when there is near adequate circulation, the exchange facility could be withdrawn
There have been growing calls for President Rajapaksa's resignation over the past few weeks over his government's mishandling of Sri Lanka's worsening economic crisis.
The most important institutions have been and are being undermined with almost no resistance, warns Aakar Patel.
IMF said the repercussions from India's currency exchange initiative will likely persist through the first quarter of 2017.
The longer it takes for RBI and the government to stabilise monetary conditions in the economy, the more severe and long lasting will be the damage caused to various sectors of the economy, especially to the informal sector, says Rajeswari Sengupta. Rajeswari Sengupta discusses the impact of this move on money supply, output and prices, in the short- and medium-term.
The National Investigation Agency has arrested two close aides of gangster Chhota Shakeel for allegedly handling the illegal activities and financial transactions of the crime syndicate controlled by fugitive underworld don Dawood Ibrahim, and for indulging in terror financing in the western suburbs of Mumbai, an official said on Friday.
Forex trading is the act of trading currencies from different countries against each other. Forex is acronym for foreign exchange.
Bank notes of Rs 1, 2 and 5 continue to be legal tender, though these denominations have been coinised and their printing has been discontinued.
Surplus liquidity in the banking system as measured by absorption of excess funds by the Reserve Bank of India (RBI) fell sharply at the end of the last week due to outflows on account of advance tax payments. According to the RBI data, the net liquidity absorbed by the central bank on September 16 was at Rs 3,243.57 crore, much lower than the average of Rs 56,809.92 crore in the preceding four days of the week. The average absorption of funds by the RBI so far in September is at Rs 1.13 trillion, against the average of Rs 1.2 trillion in the previous month, the data showed.
Little attention is paid to the management of currencies and coins in India.
With the introduction of Rs 200 notes, the problem people face due to high-value Rs 2,000 notes would be taken care of.
The finance ministry has issued a note which says that the government and the RBI's move to take out Rs 500 and Rs 1,000 banknotes from circulation will help India towards cash-less economy where most transactions are done electronically and that can be tracked.
Declaring demonetisation a complete failure may turn out to be hasty, argues economist Ashok K Lahiri.
If the high security notes introduced in 2015 were kept in the system, the pain due to demonetisation can be ameliorated to a certain extent. But unfortunately, such thought process have no place in the hasty demonetisation decision.
The pre-Budget Survey said for wealth to be distributed, it first has to be created and called for looking at wealth creators with respect. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.
Only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.
Could the gains in terms of widening the tax net, increased digital transactions and detection of higher fake currency notes have been achieved without the huge disruption and output loss that demonetisation caused to the Indian economy, asks A K Bhattacharya.
The RBI fell short of pumping Rs 150 billion into the economy at the beginning of 2018-2019.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
Twitter is abuzz with images of supposed new Rs 2,000 notes
