Reintroduction of Rs 1,000 note not necessary: Prof Dholakia

The jury is out on whether introducing new currency notes is logical

pragya

Praggya Guptaa | November 22, 2016 | New Delhi


#IIM Amhedabad   #scrapped currency   #Demonetisation  

 “It is not necessary to have re-introduction of Rs 1,000  when there is already a Rs 2,000 rupee and Rs 500 rupee new note. There is no as such compelling reason but as far as it is logical or not, it is difficult to say right here,” said Ravindra H Dholakia, professor, IIM Ahmedabad and member, Monetary Policy Committee.

Talking to Governance Now at 44th annual convention of Institute of Company Secretaries in Ahmedabad, Dholakia said that introducing new currency notes is legal but whether it is logical or not is a matter of opinion.
 
Saurabh Soparkar, senior advocate, Gujarat high court said that in any case it is a very complex issue and added that normally the theory is bad money will drive out and good money is going to be here. Unless there are attempts to bring in bad money again, the significant part of the good money will prevail in economy. 
 
Soparkar expects that following demonetization, there is bound to be better growth rate. The tax base will increase.
 
Gaur Gopal Das from ISKCON Mumbai said that for sustainability, there is a need for external and internal change. The government has applied external force, but to stop further accumulation of black money, it should come from within, otherwise people will look for other channels to accrue black money.
 

Comments

 

Other News

How social media is reshaping elections

Since Brazil’s return to direct presidential elections in 1985, no candidate who finished second in the first round of polling had ever won the presidency. Luiz Inácio Lula da Silva, now 81, has just done it. What explains the comeback, and what changed in Brazilian politics to make it possi

Cabinet approves Dearness Allowance, Dearness Relief

The union cabinet chaired by prime minister Narendra Modi on Wednesday approved the release of an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from 01.07.2026 representing an increase of 3% over the existing rates of 6

Cyclone Arnab strikes Andhra as warming oceans amplify storm risks

Cyclone Arnab made landfall along the Andhra Pradesh and Yanam coasts in the early hours of Wednesday as a very severe cyclonic storm, with maximum sustained wind speeds of 125–135 kmph and gusts reaching 150 kmph. Its rapid intensification has raised concerns about how warmer oceans, global warmin

Counting matters but which ones?

The first instinct of public policy is to count. Its harder task is to count what counts. We have become remarkably good at measuring the reach of the welfare state vis-à-vis beneficiaries covered, rupees transferred, houses built, connections installed and services delivered. But some of the most

Inching closer to a trade deal with America

The cooperation between India and the United States goes back quite a time. We need to relegate that era to the backburner when Pandit Jawaharlal Nehru visited US in the times of president Dwight Eisenhower and called the American let-off of 10 million dollars in defence aid to Pakistan as a “gun w

Manch vs Musk: Forty people and a foreign billionaire

About forty people walked the roundabout on Teen Murti Marg to the gate of Chanakyapuri police station, a distance you could cover in under a minute, on Friday to protest against Elon Musk’s Starlink. The walk was called by the Swadeshi Jagaran Manch. Nobody joined them on the way, and nobody seeme

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter