singular_me
3rd September 2017, 03:42 PM
the failure of banning cash in a country where the majority cannot access indoor restrooms was possibly foreseeable... but watch it may be working in the so called rich west!
cashless is for a computer oriented society. Maybe indians will be free-er than we are in the end in a few years from now.
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Modi Cash Ban a `Total Failure' as 99% of Banned Notes Back
September 1, 2017, 4:02 am
(Bloomberg) -- Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth.
Banks have received 15.28 trillion rupees ($239 billion), or 99 percent of the currency invalidated, the Reserve Bank of India said in its annual report on Wednesday. The government had initially estimated about 5 trillion rupees wouldn’t be declared following the sudden move on Nov. 9, indicating that this was cash stashed away illegally to avoid tax. The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half.
“This data proves that demonetization was a total failure,” said Mohan Guruswamy, chairman of New Delhi-based Centre For Policy Alternatives, who’d advised a previous government led by the current ruling party. “The prime minister obviously had overstated his case. You’ve lost so many jobs across sectors. How can people trust Mr. Modi and his numbers?”
Supporters of the cash ban saw the action as a battle against the rich who salt away their wealth without paying taxes. Modi’s party had a landslide victory in a key state soon after the move to ban 86 percent of the nation’s cash, though subsequent data show that the economic shock has slowed growth and investment in Asia’s No. 3 economy.
more
https://www.bloombergquint.com/global-economics/2017/08/30/india-central-bank-spends-record-amount-to-replace-void-notes
cashless is for a computer oriented society. Maybe indians will be free-er than we are in the end in a few years from now.
================================
Modi Cash Ban a `Total Failure' as 99% of Banned Notes Back
September 1, 2017, 4:02 am
(Bloomberg) -- Indians have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank’s profit and dealing a blow to his drive to unearth unaccounted wealth.
Banks have received 15.28 trillion rupees ($239 billion), or 99 percent of the currency invalidated, the Reserve Bank of India said in its annual report on Wednesday. The government had initially estimated about 5 trillion rupees wouldn’t be declared following the sudden move on Nov. 9, indicating that this was cash stashed away illegally to avoid tax. The cash ban prompted the central bank to print new currency, reducing its profit and cutting annual dividend payout to the government by half.
“This data proves that demonetization was a total failure,” said Mohan Guruswamy, chairman of New Delhi-based Centre For Policy Alternatives, who’d advised a previous government led by the current ruling party. “The prime minister obviously had overstated his case. You’ve lost so many jobs across sectors. How can people trust Mr. Modi and his numbers?”
Supporters of the cash ban saw the action as a battle against the rich who salt away their wealth without paying taxes. Modi’s party had a landslide victory in a key state soon after the move to ban 86 percent of the nation’s cash, though subsequent data show that the economic shock has slowed growth and investment in Asia’s No. 3 economy.
more
https://www.bloombergquint.com/global-economics/2017/08/30/india-central-bank-spends-record-amount-to-replace-void-notes