Three years after demonetisation: Lot of sound and fury signifying nothing
5 years, 2 months ago

Three years after demonetisation: Lot of sound and fury signifying nothing

India Today  

Cash is back in full circulation in the country, India is yet to become a cashless economy, black money circulation remains unchecked and counterfeiting of notes has not stopped yet. The Modi government's note bandi move, which rendered old Rs 500 and Rs 1,000 notes invalid, eliminated 86.4 per cent of the total currency in circulation, initially triggering panic among citizens. INDIA REMONETIZED, SCARS REMAIN By the first anniversary of demonetisation, November 8, 2017, almost 99.3 per cent of the demonetised currency was back in the banking system, showed RBI data. Titled "Cash and the Economy: Evidence from India's Demonetisation", the study says demonetisation lowered India's economic growth and led to a 2-3 per cent reduction in jobs in the quarter of note ban. A 'State of Working India 2019' report by Azim Premji University's Centre for Sustainable Employment showed that almost 50 lakh people had lost their jobs after the Modi government announced demonetisation in 2016.

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History of this topic

Centre’s data proved demonetisation was a total failure: Uttam
1 year, 10 months ago

Centre’s data proved demonetisation was a total failure: Uttam

The Hindu  

Congress Lok Sabha member N. Uttam Kumar Reddy said that the BJP Government has finally admitted that it has failed in achieving all the objectives of demonetisation it implemented in November 2016. Mr. Uttam Kumar Reddy said that the statistics pertaining to Currency in Circulation and the value of Notes in Circulation provided by the Finance Minister clearly show that …

Six years on, jury is still out on efficacy of demonetisation
2 years, 2 months ago

Six years on, jury is still out on efficacy of demonetisation

Deccan Chronicle  

NEW DELHI: The jury is still out on the efficacy of the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi …

Demonetisation was a colossal failure, Modi should apologise: KTR
2 years, 2 months ago

Demonetisation was a colossal failure, Modi should apologise: KTR

Deccan Chronicle  

HYDERABAD: TRS working president and IT minister K.T. Rama Rao described the demonetisation, announced by Prime Minister Narendra Modi on November 8, 2016, as a 'colossal failure' and demanded his apology. Rama Rao based his demand on recent Reserve Bank of India data which revealed that six years after demonetisation the cash with the public had increased by 72 per …

2016: Demonetisation
2 years, 5 months ago

2016: Demonetisation

The Hindu  

Published : Aug 15, 2022 06:00 IST On the evening of November 8, 2016, even as families across India were getting ready to watch their favourite soaps, Prime Minister Narendra Modi appeared on television and announced that from midnight that day, all Rs.500 and Rs.1,000 notes would cease to be legal tender. He claimed that most black money was held …

Four years of Demonetisation: PM Modi hails move, Congress observes \'betrayal day\'
4 years, 2 months ago

Four years of Demonetisation: PM Modi hails move, Congress observes \'betrayal day\'

Deccan Chronicle  

On the fourth anniversary of demonetisation, the debate continued to rage regarding the alleged ‘masterstroke’ by the Modi government. Prime Minister Modi on Sunday tweeted about the beneficial outcomes of demonetisation, claiming the outcomes of demonetisation “have been greatly beneficial towards national progress.” Listing out the said benefits, he said demonetization has helped reduce black money, increase tax compliance and …

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul
4 years, 2 months ago

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul

The Hindu  

Congress leader Rahul Gandhi on Sunday slammed the government over demonetisation, alleging that Prime Minister Narendra Modi’s move four years ago was aimed at helping a few of his “crony capitalist friends” and had “destroyed” the Indian economy. In a video released as part of the party’s online ‘SpeakUpAgainstDeMoDisaster’ campaign, Mr. Gandhi said the question is how the economy of …

India’s growth story has never seemed so endangered
4 years, 4 months ago

India’s growth story has never seemed so endangered

Live Mint  

We all knew it would be bad, but no one could have predicted just how bad. Supply and credit links, which had been largely cash-based in the informal sector, among others, remained broken even after high-denomination currency came back into circulation, and some small businesses and poorer households—we will likely never know how many—never recovered to their level of well-being …

3 years of demonetisation: 66% say it had negative impact, 33% blame it for slowdown | Survey
5 years, 2 months ago

3 years of demonetisation: 66% say it had negative impact, 33% blame it for slowdown | Survey

India Today  

Demonetisation was announced on November 8 in 2016 declaring 86 per cent of the currency in circulation invalid. Three years down the line, 66 per cent of respondents in an online survey have said that demonetisation had negative impact on economy and labour employment. Only 28 per cent of the respondents said demonetisation did not have any negative impact in …

Life after demonetisation: How India’s poor are paying the price
5 years, 7 months ago

Life after demonetisation: How India’s poor are paying the price

Al Jazeera  

More than two years on, many of India’s poor are still dealing with the effects of PM Narendra Modi’s financial reforms. Analysts say Modi’s financial reforms hit people in the informal sector – who are also among India’s poorest – particularly hard. ‘A more tax-compliant society’ Former Finance Minister Arun Jaitley said in a Facebook post on October 1, 2016 …

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor
6 years, 2 months ago

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor

India TV News  

On second anniversary of demonetisation, Union Finance Minister Arun Jaitley on Thursday praised the note ban and said that it helped in formalisation of the economy that led to more revenue, more resources for the poor, better Infrastructure, and a better quality of life for India’s citizens. In a Facebook post titled “Impact of Demonetisation”, Jaitley said that the Government …

From GDP growth to black money, costs outweigh benefits of demonetisation
6 years, 4 months ago

From GDP growth to black money, costs outweigh benefits of demonetisation

Live Mint  

New Delhi: According to the Reserve Bank of India’s annual report for 2017-18, 99.3% of the demonetised ₹ 500 and ₹ 1000 notes have been returned to the central bank. When it was announced in November 2016, demonetisation was proclaimed as a solution to India’s black money and counterfeit currency problems. In 2017-18, the number of counterfeit notes detected was …

Chidambaram says country ‘paid a huge price’ for demonetisation
6 years, 4 months ago

Chidambaram says country ‘paid a huge price’ for demonetisation

The Hindu  

Former Finance Minister P. Chidambaram on Wednesday said that demonetisation had caused a loss of ₹2.25 lakh crore to India’s gross domestic product. Reacting to the RBI’s annual report for 2017-18, Mr. Chidambaram said the country had paid a huge price to demonetise just ₹13,000 crore. Lakhs of jobs were destroyed.” “Every rupee of the ₹15.42 lakh crore has come …

Despite Jan Dhan push, financial inclusion is elusive
6 years, 5 months ago

Despite Jan Dhan push, financial inclusion is elusive

Live Mint  

New Delhi: A shortage of bank branches and ATMs across India’s hinterland is holding back Prime Minister Narendra Modi’s financial inclusion efforts and risks angering rural voters ahead of elections next year. After taking office in 2014, Modi set an ambitious target to open a bank account for every household to ensure welfare funds flow directly to India’s poor, while …

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