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'Modi has gone completely wrong on demonetisation'
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prasad1
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Of all the absurd rules and regulations that have come out of this demonetisation exercise, the one on Monday about compelling NRIs to fill currency forms at the airport must rank unequivocally in first place. I had said there is roughly Rs 150 billion floating about the 30 million Indian diaspora at an average of Rs 5,000 per person kept to make it easier to reach home and have a little start-off spending money.
Clearly, these billions do not count. After exhausting the deadline of 30 December without even bringing up the issue, the government’s new six-month extension up to June has been turned into a nightmare.
Imagine landing at the airport at 2 am, bleary-eyed and jet-lagged, family in tow, standing in line for immigration, then being united with your luggage and then going to Customs and asking for a form to fill, after which the officer will stamp it while you hang around in the queue. After he has counted your notes which must not exceed Rs 25,000 he will give you this piece of paper at his leisure… which could be hours.
Shudder at the thought of three Gulf flights landing at the same time.
Now, bringing back your legitimate money — allowed by law — has become a 'declaration at Customs' thing: That historical citadel where so many have fallen (and still fall) victim to the hostile and often unreasonable and whimsical invasion of their luggage and their peace of mind.
You will then go to the Reserve Bank of India with that piece of paper and stand in another queue at one of the specially earmarked branches in your city (not all of them are authorised to collect the currency), where after you have exhausted the whole day shoving your IDs over the counter and proving you were not involved in the Great Train Robbery and are ready to shoot yourself, you may get a chance to deposit the dead bodies of the Rs 500 and Rs 1,000 notes. RIP.
http://www.firstpost.com/business/d...idea-ever-3185660.html?utm_source=fp_internal
Clearly, these billions do not count. After exhausting the deadline of 30 December without even bringing up the issue, the government’s new six-month extension up to June has been turned into a nightmare.
Imagine landing at the airport at 2 am, bleary-eyed and jet-lagged, family in tow, standing in line for immigration, then being united with your luggage and then going to Customs and asking for a form to fill, after which the officer will stamp it while you hang around in the queue. After he has counted your notes which must not exceed Rs 25,000 he will give you this piece of paper at his leisure… which could be hours.
Shudder at the thought of three Gulf flights landing at the same time.
Now, bringing back your legitimate money — allowed by law — has become a 'declaration at Customs' thing: That historical citadel where so many have fallen (and still fall) victim to the hostile and often unreasonable and whimsical invasion of their luggage and their peace of mind.
You will then go to the Reserve Bank of India with that piece of paper and stand in another queue at one of the specially earmarked branches in your city (not all of them are authorised to collect the currency), where after you have exhausted the whole day shoving your IDs over the counter and proving you were not involved in the Great Train Robbery and are ready to shoot yourself, you may get a chance to deposit the dead bodies of the Rs 500 and Rs 1,000 notes. RIP.
http://www.firstpost.com/business/d...idea-ever-3185660.html?utm_source=fp_internal
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prasad1
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Almost all the high-value bank notes that ceased to be legal tender post the demonetisation announcement on November 8 have returned to the banks dealing a blow to Prime Minister Narendra Modi's surprise move to unearth black money in circulation, Bloomberg reported on Wednesday.
About 97 percent of the Rs 500 and Rs 1,000 in circulation until November 8 have been deposited back, the report said quoting "people with knowledge of the matter".
"Banks have received Rs 14.97 trillion ($220 billion) as of December 30, the deadline for handing in the old bank notes, the people said, asking not to be identified citing rules for speaking with the media. The government had initially estimated about 5 trillion rupees of the 15.4 trillion rupees rendered worthless by the sudden move on November 9 to remain undeclared as it may have escaped the tax net illegally," Bloomberg said.
According to the report, banks have disbursed about 8 trillion rupees in new currency bills. The figures of bank notes deposited are provisional and may change.
Although the deadline for depositing the scrapped notes in bank accounts expired on December 31, the Reserve Bank of India is yet to release any final figure on the value of notes already returned.
http://www.news18.com/news/india/almost-97-of-demonetised-notes-back-in-banks-report-1331397.html
About 97 percent of the Rs 500 and Rs 1,000 in circulation until November 8 have been deposited back, the report said quoting "people with knowledge of the matter".
"Banks have received Rs 14.97 trillion ($220 billion) as of December 30, the deadline for handing in the old bank notes, the people said, asking not to be identified citing rules for speaking with the media. The government had initially estimated about 5 trillion rupees of the 15.4 trillion rupees rendered worthless by the sudden move on November 9 to remain undeclared as it may have escaped the tax net illegally," Bloomberg said.
According to the report, banks have disbursed about 8 trillion rupees in new currency bills. The figures of bank notes deposited are provisional and may change.
Although the deadline for depositing the scrapped notes in bank accounts expired on December 31, the Reserve Bank of India is yet to release any final figure on the value of notes already returned.
http://www.news18.com/news/india/almost-97-of-demonetised-notes-back-in-banks-report-1331397.html
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prasad1
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What effect has the demonetisation decision had on our lives? The Hindu’s reporters fan out across neighbourhoods, professions and industries to find out. Today, we talk to the Tibetan exiles from Karnataka who supplement their incomes selling winter-wear on city pavements.The row of Tibetan hawkers selling sweaters and jackets across the road from Chhatrapati Shivaji Terminus is hard to miss. Each year, a few hundred Tibetan exiles — mainly from Mundgod in Karnataka, one of the biggest settlements of this refugee community in India — make a trip to the city to spend a few months selling winter-wear.
Their winter earnings are a substantial part of the community’s annual income; the rest of the year, they sustain themselves with labour and farming work. Their vendors source their merchandise from Ludhiana, Punjab, the hub of the woollen garment industry in India, and sell it in markets around the country. In Mumbai, they usually rent rooms in the Parel area, where most of the local community is based. To help with their trade, they also bring with them non-Tibetan residents of Mundgod, with whom the community has built strong relationships over the decades of their exile.
Despite Mumbai’s mild winters, the selling skills and warm smiles of the Tibetans see them do steady business on the city, and their coming is something Mumbai office-goers look forward to. That iconic city chronicler, Behram Contractor a.k.a. Busybee, would refer to them as a sign of approaching winter in the city.
“My family has been in this business since 1965 when we migrated to India from Tibet,” says Phurbu Dolma, is as at home in Mumbai as she is in Mundgod. “I myself have been coming to Mumbai since around 3 decades every year.” This year, however, the Tibetans have to overcome problem no one could have anticipated. Just as they had settled into the city, the Prime Minister’s demonetisation announcement brought a chill to street vendors nation-wide.
Like those in the informal sector everywhere, the Tibetans aren’t equipped to handle card payments or bank transfers. Many of them have been relying on old relationships with their suppliers in Ludhiana, who have helped them by taking demonetised notes from them as payment.
“The business was obviously hit,” says Annu Kamar, of the Mumbai Tibetan Sweater Sellers association. “People naturally stopped spending money on the goods we sell because of the cash crunch. Business in the Parel market has gone down by 50 per cent as of now.”
“While last year I had recorded an earning of Rs. 60,000 to 70,000, this year I expect to earn around Rs. 30,000 if things improve,” says Tsering Ngodup (46). Thinlay Gyatso takes a break from shouting orders to his helpers to say, “People don’t have money to buy vegetables and rations. Plus, there isn’t much of a winter in the city.”
http://www.thehindu.com/news/cities...effect-of-demonetisation/article16974647.ece1
I do not know if they are 97% or 3% but are suffering.
Their winter earnings are a substantial part of the community’s annual income; the rest of the year, they sustain themselves with labour and farming work. Their vendors source their merchandise from Ludhiana, Punjab, the hub of the woollen garment industry in India, and sell it in markets around the country. In Mumbai, they usually rent rooms in the Parel area, where most of the local community is based. To help with their trade, they also bring with them non-Tibetan residents of Mundgod, with whom the community has built strong relationships over the decades of their exile.
Despite Mumbai’s mild winters, the selling skills and warm smiles of the Tibetans see them do steady business on the city, and their coming is something Mumbai office-goers look forward to. That iconic city chronicler, Behram Contractor a.k.a. Busybee, would refer to them as a sign of approaching winter in the city.
“My family has been in this business since 1965 when we migrated to India from Tibet,” says Phurbu Dolma, is as at home in Mumbai as she is in Mundgod. “I myself have been coming to Mumbai since around 3 decades every year.” This year, however, the Tibetans have to overcome problem no one could have anticipated. Just as they had settled into the city, the Prime Minister’s demonetisation announcement brought a chill to street vendors nation-wide.
Like those in the informal sector everywhere, the Tibetans aren’t equipped to handle card payments or bank transfers. Many of them have been relying on old relationships with their suppliers in Ludhiana, who have helped them by taking demonetised notes from them as payment.
“The business was obviously hit,” says Annu Kamar, of the Mumbai Tibetan Sweater Sellers association. “People naturally stopped spending money on the goods we sell because of the cash crunch. Business in the Parel market has gone down by 50 per cent as of now.”
“While last year I had recorded an earning of Rs. 60,000 to 70,000, this year I expect to earn around Rs. 30,000 if things improve,” says Tsering Ngodup (46). Thinlay Gyatso takes a break from shouting orders to his helpers to say, “People don’t have money to buy vegetables and rations. Plus, there isn’t much of a winter in the city.”
http://www.thehindu.com/news/cities...effect-of-demonetisation/article16974647.ece1
I do not know if they are 97% or 3% but are suffering.
Due to demonetisation when poor suffer, they go close to starvation and many die.
The well off are only inconvenienced in a minor way.Life is back to normal for them judging by the cars on the roads and persons in airport terminals.
Literally thousands have been on holiday trips on christmas week and start of new year . They did not feel shortage of money in luxury life they are used to.
In a few days , it will be life as usual
The well off are only inconvenienced in a minor way.Life is back to normal for them judging by the cars on the roads and persons in airport terminals.
Literally thousands have been on holiday trips on christmas week and start of new year . They did not feel shortage of money in luxury life they are used to.
In a few days , it will be life as usual
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prasad1
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It is difficult to see how Modi has met his initial promise. Given that nearly all the demonetized notes have been returned, the program doesn’t even seem to have flushed so-called black money out of the system as originally intended. Yet the political consensus is that the Prime Minister won’t “suffer any punishment,” since he’s successfully sold the pain of demonetization as a feature of the program, not an unintended consequence. It’s a great “sacrifice,” he said in his speech, one that will “cleanse” the country. The more pain you feel, the more virtuous you are -- and the more the country is being cleansed. Either way Modi, despite being an awful economic manager these last few months, wins.
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst..
Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst..
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prasad1
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[FONT="]As much as 97 per cent of currency notes, outlawed by the government on November 8, 2016, have reportedly returned to banks, posing a huge question mark on Prime Minister [/FONT]Narendra Modi[FONT="]’s demonetisation move.
[/FONT]According to a report by Bloomberg, quoting sources in the know, banks have received 14.97 trillion rupees ($220 billion) as of December 30, which was the deadline set by the government for individuals to return their currency notes. The government and the RBI faced criticism for their inability to implement the move in an efficient manner, continuing to cause hardships to citizens across the country.
The demonetisation move has also hit the pace of announcements of new investment proposals during the quarter ended December 2016. New investment proposals worth Rs 125,000 crore were observed during the quarter ended December 2016 as against Rs 236,000 crore per quarter on average in the preceding nine quarters of the Modi government, the Centre for Monitoring Indian Economy (CMIE) said.
New investments worth Rs 2,097 crore were announced, on an average, per day during the 39 pre-demonetisation days from October 1 through November 8. “This average dropped sharply by 61 per cent to Rs 824 crore during the post-demonetisation period. The number of projects announced per day dropped from 6 to 3 by a similar comparison,” CMIE said.
http://indianexpress.com/article/bu...lure-97-of-banned-notes-back-in-banks-report/
[/FONT]According to a report by Bloomberg, quoting sources in the know, banks have received 14.97 trillion rupees ($220 billion) as of December 30, which was the deadline set by the government for individuals to return their currency notes. The government and the RBI faced criticism for their inability to implement the move in an efficient manner, continuing to cause hardships to citizens across the country.
The demonetisation move has also hit the pace of announcements of new investment proposals during the quarter ended December 2016. New investment proposals worth Rs 125,000 crore were observed during the quarter ended December 2016 as against Rs 236,000 crore per quarter on average in the preceding nine quarters of the Modi government, the Centre for Monitoring Indian Economy (CMIE) said.
New investments worth Rs 2,097 crore were announced, on an average, per day during the 39 pre-demonetisation days from October 1 through November 8. “This average dropped sharply by 61 per cent to Rs 824 crore during the post-demonetisation period. The number of projects announced per day dropped from 6 to 3 by a similar comparison,” CMIE said.
http://indianexpress.com/article/bu...lure-97-of-banned-notes-back-in-banks-report/
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prasad1
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For more than 50 days now, Poonam Pardesi has not been able to go to a bank to withdraw money. It's not the long lines, the interminable waiting or the fear of harassment by bank officials that has deterred her. Neither did she magically have a stash of the new notes stacked away at home that came to her rescue.
For Poonam it was not a question of convenience neither one of practicality. She is 100 percent visually impaired, a disability that didn't stop her from getting the finest education, from living in and navigating a city like Delhi all by herself or from working fulltime. But what the disability didn't do, demonetisation managed to pull off in a mere two months time- make her feel debilitated and completely reliant on others.
Since November 8, when the Prime Minister took the entire nation by surprise with his demonetisation announcement, Poonam has had to rely on the kindness of friends and colleagues- individuals who go in lieu of her to withdraw money from her bank account.
She says that most banks don't have counters to help the visually impaired or for that matter, any customer with any disability. That means she needs an escort, something that banks also aren't allowing. Poonam says, "When someone goes to withdraw money on my behalf, because of the rush at banks, they can't get all the cash I need. I am always reliant on someone else's schedule and availability. Did the government even think about people like us?"
Many ATMs also don't have a voice feature — which means Poonam can't navigate the process of withdrawing cash without help — this despite an RBI circular that mandates that all Automatic Teller Machines must be accessible for all people.
The alienation doesn't end there. Poonam describes the frustration that comes with using the new notes. The two security features that the 2000 and 500 rupee notes have are easy to miss. Poonam says the raised rectangle and circle on the currency along with the angular lines will eventually fade once the notes become well used.
This makes size the only discernible feature for the visually impaired. What Poonam does then is to keep the notes in different compartments in her wallet, depending on their size. "But sometimes the 20 rupee note feels just like the 500 rupee note. The new currency is simply not accessible for us," she adds.
PM Narendra Modi's 'Digital India' push did not come handy for her there. Unfortunately, like they say, the road to hell is paved with good intentions. Applications like Paytm don’t have a voiceover feature, which means Poonam is automatically excluded from this digital platform. Similarly not all websites are disability friendly, which means more dependence on others.
"The other day, I wanted to buy groceries from the local kirana store. The shopkeeper had Paytm on his phone but didn’t know how to use it. I couldn't even explain to him what he needed to do because of my disability. With no cash on me, I was ready to leave the shop without purchasing anything but then I decided to call a colleague who helped," Poonam says adding her purchases are now limited to a known grocer near her home.
This isn't the first time though that the banking system has let Poonam down. In 2013, when she walked into an SBI bank branch to open her first bank account, she was made to wait for an hour following which bank officials told her that she couldn't open an account. "They asked me, how will you ever operate an account?" she recounts. After asking her for an undertaking and pushing her to give her thumb impression (Poonam refused, reminding them she’s literate and can sign), she managed to open an account.
Not just that, in another instance, bank officials refused to give her a cheque book or even an ATM card by saying, "what if something goes wrong?" Even now, she says when she goes to the bank with an escort, the bank employees talk to the person accompanying her- assuming that with blindness, hearing loss and lack of comprehension skills are also a given.
Poonam overcame these challenges- she pushed and she prevailed. But demonetisation has turned the clock backwards, alienating her and pushing her out of the system once again.
http://www.news18.com/news/india/demonetisation-disabling-the-disabled-1331130.html
Then again some people might say that she is 3% and we should not care about them.
For Poonam it was not a question of convenience neither one of practicality. She is 100 percent visually impaired, a disability that didn't stop her from getting the finest education, from living in and navigating a city like Delhi all by herself or from working fulltime. But what the disability didn't do, demonetisation managed to pull off in a mere two months time- make her feel debilitated and completely reliant on others.
Since November 8, when the Prime Minister took the entire nation by surprise with his demonetisation announcement, Poonam has had to rely on the kindness of friends and colleagues- individuals who go in lieu of her to withdraw money from her bank account.
She says that most banks don't have counters to help the visually impaired or for that matter, any customer with any disability. That means she needs an escort, something that banks also aren't allowing. Poonam says, "When someone goes to withdraw money on my behalf, because of the rush at banks, they can't get all the cash I need. I am always reliant on someone else's schedule and availability. Did the government even think about people like us?"
Many ATMs also don't have a voice feature — which means Poonam can't navigate the process of withdrawing cash without help — this despite an RBI circular that mandates that all Automatic Teller Machines must be accessible for all people.
The alienation doesn't end there. Poonam describes the frustration that comes with using the new notes. The two security features that the 2000 and 500 rupee notes have are easy to miss. Poonam says the raised rectangle and circle on the currency along with the angular lines will eventually fade once the notes become well used.
This makes size the only discernible feature for the visually impaired. What Poonam does then is to keep the notes in different compartments in her wallet, depending on their size. "But sometimes the 20 rupee note feels just like the 500 rupee note. The new currency is simply not accessible for us," she adds.
PM Narendra Modi's 'Digital India' push did not come handy for her there. Unfortunately, like they say, the road to hell is paved with good intentions. Applications like Paytm don’t have a voiceover feature, which means Poonam is automatically excluded from this digital platform. Similarly not all websites are disability friendly, which means more dependence on others.
"The other day, I wanted to buy groceries from the local kirana store. The shopkeeper had Paytm on his phone but didn’t know how to use it. I couldn't even explain to him what he needed to do because of my disability. With no cash on me, I was ready to leave the shop without purchasing anything but then I decided to call a colleague who helped," Poonam says adding her purchases are now limited to a known grocer near her home.
This isn't the first time though that the banking system has let Poonam down. In 2013, when she walked into an SBI bank branch to open her first bank account, she was made to wait for an hour following which bank officials told her that she couldn't open an account. "They asked me, how will you ever operate an account?" she recounts. After asking her for an undertaking and pushing her to give her thumb impression (Poonam refused, reminding them she’s literate and can sign), she managed to open an account.
Not just that, in another instance, bank officials refused to give her a cheque book or even an ATM card by saying, "what if something goes wrong?" Even now, she says when she goes to the bank with an escort, the bank employees talk to the person accompanying her- assuming that with blindness, hearing loss and lack of comprehension skills are also a given.
Poonam overcame these challenges- she pushed and she prevailed. But demonetisation has turned the clock backwards, alienating her and pushing her out of the system once again.
http://www.news18.com/news/india/demonetisation-disabling-the-disabled-1331130.html
Then again some people might say that she is 3% and we should not care about them.
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V.Balasubramani
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[h=1]Demonetisation: Low-cost deposits growth positive for banks, says PS Jayakumar[/h]
Bank of Baroda’s savings account growth after demonetisation stands at Rs 38,000 crore. Sanctions in the third quarter have been robust with drawdowns on the lower side, PS Jayakumar, MD & CEO of Bank of Baroda said
Watch: http://www.moneycontrol.com/video/business/demonetisation-low-cost-deposits-growth-positive-for-banks-says-ps-jayakumar_8213821.html
Bank of Baroda’s savings account growth after demonetisation stands at Rs 38,000 crore. Sanctions in the third quarter have been robust with drawdowns on the lower side, PS Jayakumar, MD & CEO of Bank of Baroda said
Watch: http://www.moneycontrol.com/video/business/demonetisation-low-cost-deposits-growth-positive-for-banks-says-ps-jayakumar_8213821.html
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prasad1
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MORE PAIN AHEAD The withdrawal of 86 percent of cash out of circulation has disrupted supply chains at small, medium and even larger companies and left many customers short of cash. Modi had called for patience until Dec. 30. While his deadline has passed, the pain has not. Services industry shrank for a second straight month in December amid a severe cash shortage. Manufacturing activity plunged into contraction too. The cash crackdown has also hit capital investments. New investment proposals slumped by nearly 61 percent to $121.21 million a day between Nov. 9 and Dec. 31 from the period between Oct. 1 and Nov. 8, according to the think-tank CMIE. "Mostly the impact of demonetisation will be proportionally higher in micro-, smaller- and medium-scale enterprises," said Varun Khandelwal, managing director at Bullero Capital.
Read more at: http://www.sify.com/finance/governm...sation-news-demonetisation-rbgs5rbdefhbj.html
Read more at: http://www.sify.com/finance/governm...sation-news-demonetisation-rbgs5rbdefhbj.html
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prasad1
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