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
The continuing spread of COVID-19 has emerged as the biggest roadblock to development in 2020. Citizens across the globe have been breathing an air of panic, fear, and confusion, not knowing what lies ahead. The pandemic has hit some communities and countries harder than the others, requiring everyone to u
Senior BJP leader Kirit Somaiya has blasted BrihanMumbai Municipal Corporation (BMC) commissioner IS Chahal for taking credit for reducing the number of coronavirus infections in the in the slum sprawl of Dharavi, and wondered how could the authorities make boasts when 10,000-plus people have died.&n
Firebrand BJP leader Kirit Somaiya has blasted BMC Commissioner, IS Chahal, for claiming credit for reducing numbers of coronavirus cases in Mumbai city and said that BMC’s own Sero Survey has revealed that 57% slum dwellers have developed immunity which is why the cases are coming down.
With the union cabinet’s approval for the much-discussed New Education Policy (NEP), learning processes in the country are set to undergo radical changes. The cabinet chaired by prime minister Narendra Modi on Wednesday approved the NEP 2020, making way for large scale, transformationa
The Fourth Industrial Revolution has steadily amalgamated information communication technology (ICT) in every aspect of modern human life, having a profound impact on economic and social systems by altering business structures and consumer habits. About two decades back, ICT infrastructure was an augmented