Your weekend reading list is here
GN Bureau | November 12, 2016
While you are in queue to get your cash replaced at banks and post-offices or awaiting your turn at ATMs, we present a quick reading list that might give you certain idea on demonetisation, black money and chosing the cashless path
Can you imagine a day without cash? The answer is an obvious ‘no’. The rustle of notes and jingle of coins still have the power to light up any face. In fact, more than 99 percent of transactions by volume are still in cash payments in India, according to a McKinsey Global Insights report. Some argue that this overdependence on physical money is due to challenges like inaccessible banking services, lack of infrastructure to support non-cash payment and internet connectivity, which continue to persist, especially in the rural and remote regions of India. Others say that Indians are simply cash-obsessed. But this obsession is costing a fortune to the economy. The Reserve Bank of India (RBI) and commercial banks annually spend Rs 21,000 crore ($3.5 billion) to print and circulate currency notes and coins, and to keep them safe. Citizens of Delhi alone spend Rs 9.1 crore – and 60 lakh hours – to withdraw and manage cash, according to a 2015 report by the Institute for Business in the Global Context.
Read the full story on Case against cash
If banning high denomination currency notes can curb black money, the whole problem would have been solved in 1978 – when the Morarji Desai government did it.Banning Rs 500 and Rs 1,000 notes will certainly bring out all the hoarded cash. But after the cleaning-up operation is over in December, there is simply no way to stop generation of fresh black money – with new Rs 500 and Rs 2,000 notes. In other words, the Modi government move is bold indeed, but do not expect the scourge to go down by even one percent from next year. For that, far bolder decisions are needed, which are yet to come – from this government or its predecessors. Here is a sampler of the possible and real surgical strikes:
Read here : Surgical strike? This was aspirin for cancer
This is the 250th year since the inception of the Survey of India that has been mapping the boundaries since 1767. Archana Mishra spoke to Dr Swarna Subba Rao, former surveyor general of India, who retired in June this year. He joined the department as a deputy superintending surveyor in 1983 a
An experiment carried out to make Uttar Pradesh’s Bijnor district Open Defecation Free (ODF) succeeded due to an official’s innovative approach, noted a World Bank blog. The blog “Compressed demand”: How Uttar Pradesh is making sure rural sanitation subs
As an emerging global power and the most powerful state in South Asia, India has been perennially concerned about protracted political instability and resultant social turmoil in Afghanistan during the past few decades. Indeed, India’s engagement in the realm of development cooperation, since the o
Till the National Investigation Agency (NIA) caught up with him in Delhi on August 17, 70-year-old Zahoor Ahmad Shah Watali, a businessman, was indeed one of the most powerful persons in Kashmir valley. He was known to wield enormous clout in the corridors of power, both in Srinagar and Delhi. His influenc
Did media trial impact Aarushi-Hemraj murder case?
After spending almost a month among tribals of Mandla in Madhya Pradesh, I can confidently say that by restricting ourselves to Public Distribution System (PDS), we cannot solve the food security issues of the country. The problem is graver. In a district like Mandla, where aboriginals like Bai