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Economy and Business
After the November 8 demonetisation move, which has shaken the hoarders and black marketers, not to mention corrupt politicians, what next? Prime Minister Narendra Modi informed the BJP parliamentary board that his fight against black money will continue, as this was not the end but the beginning. “ Next year will be a naya saal, naya Bharat”, he assured.  
 

Eliminating 86% of the value of the currency with the public was bound to be a shock. The government has called this “short-term pain for long-term gain” and many citizens on TV have said they are willing to endure short-term pain. But what gain and by when?

 

As the debate continues over the costs and benefits of demonetisation it is evident that officialdom had underestimated the gap between the supply and the demand for currency notes. While some delay would have been anticipated in replacing 86 per cent of the value of the currency of one of the world’s largest economies, the continuing long queues every day before ATMs in the country’s metropolitan centres, including its capital, suggests things have not gone according to plan.

 

More than 15 billion pieces of Rs500 notes and six billion pieces of Rs1,000 (March 31, 2016 figures) got cancelled due to Prime Minister Narendra Modi’s surprise demonetisation announcement on November 8.

 
Recent weeks have seen the display of an element of forced optimism regarding India’s export performance; the commerce minister has argued that the evidence indicating that the declining trend in the dollar value of the country’s merchandise exports had bottomed out. 
 

On November 8, 2016, an announcement was made by the Prime Minister that currency of Rs 500 and Rs 1000 will cease to be legal tender henceforth. This decision is termed to be historical by many economists, who understand it as an onslaught on the black econ

 

The fight against counterfeit currency is far more complex, requiring stronger institutional intervention of the state. It needs a stronger national and international legal framework, legal empowerment of India’s intelligence and enforcement agencies, commensurate administrative measures and a very strong resolve to fight the menace, writes Gaurav Dixit for South Asia Monitor.

 

 

When the bold step to demonetise existing 500- and 1,000-rupee currency notes was taken last week, the ‘little inconvenience’ that went as a suffix pointed to the adjustments that had to be made by households which had to convert these notes into deposits or partly back into cash with the new currency notes. 

 

 

Eons back, former Prime Minister Indira Gandhi gave the clarion call of ‘Garibi hatao’ but it remained a pipe dream. Rajiv Gandhi, who succeeded her, too did precious little.  He tried hard to straddle between VP Singh and Sam Pitroda, but eventually left behind a forgettable legacy.

 

 

  Even though demonetisation of high-value notes will impact consumption in the short run, it is expected to pull down retail inflation to below 4% in November reading from 4.2% in October, a senior finance ministry official said on Wednesday.
 


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