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

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

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

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

AI studies sun images to track bright solar regions

Artificial Intelligence has been used to trace the shift in magnetically active patches on the Sun from 1916 to 2007 by scanning 100 years of hand-drawn Sun records from the Kodaikanal Solar Observatory (KoSO). This could give a much longer view of how solar activity changes over time.

General Dhiraj Seth takes over as Chief of Army Staff

General Dhiraj Seth, PVSM, UYSM, AVSM, took over as the 31st Chief of the Army Staff (COAS) from General Upendra Dwivedi, PVSM, AVSM, who superannuated after more than four decades of distinguished service to the nation on Tuesday. General Dhiraj Seth is an alumnus of the N

The women India doesn`t count enough

She runs a tailoring shop from a single room in her house. Every morning she stitches school uniforms, answers queries on WhatsApp, collects payments through UPI and orders fabric online. Officially, she still belongs to India`s informal economy. Yet her enterprise is no longer disconnected from the formal

“Cancer is just a mind game”

Dr. Ananda Shankar Jayant, a Padma Shri awardee, inspired audiences for decades through her mastery of Bharatanatyam and Kuchipudi. But it was her journey through cancer that taught some of life`s most powerful lessons in courage and resilience.

Why Swami Vivekananda is the pathfinder for our times

Swami Vivekananda for Our Times Edited and compiled by Rajiv Sikri, with Introduction by S. Gurumurthy Rupa Publications, 552 pages, Rs 695

Five ways to realise the potential of India’s handicraft and handloom sector

India`s economic ambitions are increasingly defined by the industries of the future. Semiconductors, electronics, artificial intelligence and advanced manufacturing dominate policy conversations. Yet one of India`s largest employment-intensive sectors continues to occupy a surprisingly marginal place in ec