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
Ramin Jahanbegloo is a renowned philosopher who is now associated with the Jindal Global University. His latest work, The Decline of Civilization, calls for countering the ‘decivilising’ tendencies of our times by returning to Gandhi and Tagore. Jahanbegloo answered s
Should CBSE prepone the board exams?
In this nationalistic age, sports seem to play an important role, and in India, this can be seen during cricket matches. For most, a victory symbolises prestige and supremacy. On Sunday, India lost to Pakistan in the final match of the ICC Champions Trophy. The defea
“I am from a poor family” written with red paint on a yellow background outside homes that draw ration under the NFSA in Rajasthan’s Dausa district is a clear case of human rights violation. Poverty in itself is a human rights issue as the poor face malnut
Prime minister Narendra Modi’s July 5-6 visit to Israel will be of “huge importance”, stressed Israeli ambassador Daniel Carmon who added that his country is ready to offer New Delhi whatever it requires for joint defence production under the Make in India initiative. “We
Media trials, under the guise of debates, have become the new normal today. These ‘media debates’, which seem more like screaming matches, completely overlook the nuances of the issue being discussed, said justice HL Dattu, chairperson, National Human Rights Commission (NHRC) at a workshop in B