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
At the outset, for those who are not familiar with the nomenclature ‘Hindu Rate of Growth’, it refers to the low economic growth in post-independent India till the 1990s, when several economic liberalisation measures were undertaken. Till the 1990s, the growth rate was around 4%, which accelera
As India faces increasing threats from China and Pakistan on sea, Vice Admiral Ajendra Bahadur Singh, Flag Officer Commanding-in-chief (FOC-in-C), Western Naval Command, has said that the Indian Navy needs to scale up its capabilities and have more budgets allocated. Speaking to members of t
In view of the emerging threat of the new coronavirus variant, Omicron, the BrihanMumbai municipal corporation (BMC) Saturday issued strict guidelines for surveillance of all international travellers arriving in the metro and especially those from ‘at risk’ nations. Outlining SO
A day after the union health secretary wrote to it that its order on SOPs for air travellers was in divergence with guidelines issued by the MoHFW, GoI in view of the Omicron threat, the Maharashtra government on Thursday revised its guidelines for passengers arriving in the state. Issuing
With the threat of Omicron, the new variant of the coronavirus, looming large, the union health ministry has written to the Maharashtra government to align orders issued by the state with the ministry’s guidelines for uniform implementation. The state government in its order dated Nove
To ensure bigger access to farm produce and provide new markets with quick transportation and subsidy at 50%, the Kisan Rail has been bringing prosperity, joy, and hope to farmers of Maharashtra. On November 28, the Central Railway ran its 800th trip of Kisan Rail from Sangola to Muzaffarpur.