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Economy and Business
The demonetization of Rs 500/1,000 currency notes since November 8 has led to a rapid inflow of deposits in banks. Brought in to fight black market money and counterfeits, the amount in circulation in these notes was estimated at around Rs 14 trillion, i.e.  about 86% of the total. Citizens were asked to deposit them in their banks, leading to the deposit surge. The Hindu, a leading daily, said ~Rs 8.5 trillion had been deposited by end November and estimated it to reach  between Rs 10-11 trillion by early-December.  
 
Let us first look at some statistics. Last month on November 8, Prime Minister Narendra Modi announced demonetisation of  Rs500 and 1,000 notes. By just one stroke, the country changed. Revenue of municipal corporations of five major cosmopolitan towns made quantum jump in the month of November 2016, compared to revenue of 2015.  
 

 

The recent announcement of demonetisation by the Modi Government has no doubt started a revolution of clean-up in the country. But since it has come at such a crucial time for the farmers, it is likely to affect them more than anyone else.

 

All strong medicines have some side effects. But we take them to get another lease of life. That’s what medicines are for. And so is demonetisation — as the midnight ban on 86 per cent of the total value of currency value is loosely termed. It is more about forcing a change in business, politics and even personal habits, than merely wiping out black money and fake currency accrued over the years.

 

These calls reached a crescendo in Modi’s monthly radio address, where he asked citizens to take a pledge to be part of a cashless society. But do the preconditions for a successful transition to digital banking exist?

 

 

Today, many MSME companies and workers are reluctant to receive payments through banks. It is important for the Government to consider the ground realities, understand the challenges and apprehensions of these employers and employees and address them appropriately

 

Just three weeks after banning Rs 500 and Rs 1,000 currency notes, the entire economy is reeling from the shock of this sudden measure. The announcement came as a surprise, as it was meant to be, and chaos was expected initially at banks as people surged to exchange old notes into the new legal tender. But three weeks into the exercise and the chaos has only abated marginally

 

As a major non-APEC member of the RCEP, India faces the prospect of integrating deeper with the Asia-Pacific if the RCEP expands into the FTAAP

 
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?

 


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