'Not only jobs are not being generated, but people are also losing jobs.'
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
'Demonetisation, is in principal, a mistake, because it involves a theft -- a taking of private property by the State.' 'It is one of those bad Indian ideas that has been tried twice in the past, with two failures for the record books.' 'This cloud over the economy will probably remain as long as Modi is in power.'
The Reserve Bank of India (RBI) on Monday said 98.04 per cent of the Rs 2000 banknotes have been returned to the banking system, and only Rs 6,970 crore worth such notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
Nivedita Mookerji finds out how Paytm CEO Vijay Shekhar Sharma is handling his soaring popularity after the note ban as well as the criticism that comes as a package deal.
'If the government had not spent an incredible amount of energy on demonetisation it may -- may, because it had not done anything the previous six months either -- have been able to pay attention to the deeper problems of low investment and job creation.'
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
Former Indian Prime Minister Manmohan Singh passed away on Thursday night at the age of 92. He was brought to the emergency department of AIIMS Delhi in critical condition after "sudden loss of consciousness."
He drew the roadmap of India's economic reform, unshackled it from the licence raj and pulled it back from the brink when even its gold reserve was pledged.
Opposition on Thursday paralysed Parliament, with Rajya Sabha disrupted over demand for the presence of Prime Minister Narendra Modi and his response in the demonetisation debate, which the government rejected outright.
Prithviraj Hegde explains the first results of the demonetisation exercise in layman terms.
Prithviraj Hegde explains the first results of the demonetisation exercise in layman terms.
In the third of a six-part series T E Narasimhan finds out how the hub of India's firecrackers industry is coping after more than a month of the note ban.
In a relatively rare occurrence, the growth in manufacturing jobs exceeded the pace of sector growth in 2022-23 (FY23). The number of persons engaged in the segment grew by 7.43 per cent in FY23, according to figures from the Annual Survey of Industries (ASI) released on September 30. The gross value added for the manufacturing sector grew by 4.24 per cent in current prices and declined by 2.2 per cent in real terms for FY23, according to earlier annual figures released by the government.
Kharge also hit back at the BJP for criticising his party colleague Rahul Gandhi over a copy of the Constitution with a red cover. He showed a picture of PM Modi gifting a similar copy to former president Ramnath Kovind.
The demonetisation move will force the Modi government to battle with a policy dichotomy, says N Sathiya Moorthy.
Gandhi said that the basic idea of these exercises is to ask all poor people whether they are Indian or not. He also said that PM's 15 friends will not have to show any document and the money generated will go into the pockets of those 15 people.
From connectivity woes to infrastructure advancements and the startup boom, there is a gulf between claims and reality in India's economic landscape, points out Devangshu Datta.
The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.
'Our politicians solely depend on bureaucrats who are unaccountable and follow their own agenda.' 'Our politicians would dare not dream of establishing a DOGE,' argues Lieutenant General Prakash Katoch (retd).
Congress president Rahul Gandhi said the Nyay plan is a game changer and that the scheme is "fiscally perfectly doable" and will not be implemented rashly.
Available evidence suggests that we are on the way to a very costly failure of the current demonetisation scheme, says M R Narayana.
'If the Modi government is successful in extraditing a high-profile fugitive such as Vijay Mallya or Nirav Modi before the 2019 election, the government will be able to link demonetisation to this and turn it into a positive.'
Annapoorna chain of restaurants owner Srinivasan is seen purportedly highlighting concerns over varying GST rates. In the second video, Srinivasan was seen purportedly apologising in person to the Finance Minister.
Justice BV Nagarathna said she had to dissent against the demonetisation move by the central government as in 2016, when the decision was announced, the Rs 500 and Rs 1,000 notes comprised 86 per cent of the total currency notes in circulation, and 98 per cent of it came back after they were banned.
"It's (demonetisation) a disaster on economy of trust. In the last 20 years, the country has been growing very fast. But it is all based on acceptance of each other's word. By taking despotic action and saying we had promised but won't fulfil our promise, you hit at the root of this," Sen, also a Bharat Ratna awardee, said.
The minister said demonetisation has increased the tax return filings and also increased the revenue of the states and the Centre immensely.
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
The sabre-rattling between parties on rival sides of the political divide over demonetisation showed no signs of softening on Saturday with the government accusing Congress of engaging in "fear mongering" and the latter hitting back calling the exercise a "not well thought out move" whose after-effects will last long.
'In the coming months, expect more government action that will be packaged as an assault on black money,' warns A K Bhattacharya.
'RBI is taking all steps to complete the process expeditiously so as to release firm figures at an early date.'
What should investors do post-demonetisation?
Mr Pradhan's understanding of realpolitik and organisational dynamics makes him the ultimate party man, notes Aditi Phadnis.
Kharge's remarks came after Modi on Friday said the Congress stands "badly exposed" in front of people for promising to them what the party knows it will never be able to deliver.
Please take the survey and let the government know what you think of demonetisation.
"Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence. The expansion of digital payments is taking place all over the world. It is happening in India as well. The pace is much slower," S C Garg, who took VRS from government service after he was abruptly shifted out of the finance ministry, said in a note.
A sharp decline in sales and prospects of a grim future have resulted in a fall in jewellery stocks.
Demonetisation will help in transfer of resources from tax evaders to government, he said.
