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Tag: demonetization

99% demonetized currency finds its way back into the system — It’s a success not failure & here’s why!

99% demonetized currency finds its way back into the system — It’s a success not failure & here’s why!

Opinion
The debate over the achievements of demonetization is not settled yet. Ever since the Reserve Bank of India put out its annual report which revealed that close to 99 per cent currency returned to the banks, political parties such as Congress, CPI(M) and TMC have attacked the government and asked Prime Minister Narendra Modi to apologise for undertaking a move that disrupted the country's growth momentum. Senior politicians like P Chidambaram and Mamata Banerjee called the demonetization a big scam which facilitated the conversion of black money. Their argument is fairly simple. They say that the government had expected dividend of close to Rs 4-5 lakh crore, however, the RBI data shows it got just Rs 16,050 crore. So, was it wise decision to lose one per cent GDP for just Rs 16,000 cror...
Key Highlights from PM Narendra Modi Speech On New Year Eve

Key Highlights from PM Narendra Modi Speech On New Year Eve

National
Narendra Modi Speech Highlights: Indian Prime Minster Narendra Modi addressed citizens of the nation on New Year’s Eve, 31st December 2016. PM Modi had addressed public after the end of his 50st-day trial period of demonetisation came to an end on December 30. After demonetisation, Modi had said: “Help me for 50 days and I will give you the India you desired.” Here are the top initiatives PM had announced: For rural poor Home loans in villages up to Rs 2 lakh to get 3% interest exemption, available for building a new house or expanding an old one. In this fight against corruption and black money, it is clear that you wish to walk shoulder to shoulder with us 33% more homes to be built in rural areas under the Pradhan Mantri Awas Yojana (PMAY). 30 million Kis
All About BHIM app – How to use and Where to download from

All About BHIM app – How to use and Where to download from

Information
Prime Minister Narendra Modi on Friday launched a mobile payment app– BHIM, while addressing the audience at the Digi-Dhan Mela in New Delhi’s Talkatora Stadium. The app is called Bharat Interface for Money (BHIM) has been launched to facilitate e-transactions in the country. “Launch of the BHIM App is significant. In addition to his role in making of the Constitution, Dr Ambedkar was also a great economist. His thesis offers significant insights of various economic issues,” Modi said while launching the app. Developed by the National Payment Corporation of India (NPCI), BHIM is an initiative by the Modi government to enable fast, secure, reliable cashless payments through your mobile phone. With BHIM you can send and receive money, check your balance and even create a custom paym
PM Says Soon Will Only Need Thumbprint For Money Transacations, Launches BHIM E-Wallet App

PM Says Soon Will Only Need Thumbprint For Money Transacations, Launches BHIM E-Wallet App

National
Prime Minister Narendra Modi today launched a mobile app to make digital payments easier at Digi-Dhan Mela in Delhi. He thanked people for embracing digital transactions. The new BHIM app that PM launched, he said, will soon work on your thumbprint. The Prime Minister feels that BHIM is the best vision for 2017. Here are the highlights: Government of India has launched a gift under which for the next 100 days, every day 15,000 people will win prizes through lucky draw. These prizes will go to those who transact between Rs 50-3,000 online. This is so that poor people get the prize. Today we also had a draw for the Digi Dhan Vyapar Yojana. This will happen once a week. This is for those sellers who can encourage customers to buy products through digital mode On Baba Sah...
5 Things We Missed Out In Modi’s Demonetization Logic…

5 Things We Missed Out In Modi’s Demonetization Logic…

Opinion
Since the government decided to demonetize the currency of denomination 1000 and 500 on November 08th, there has been a lot of ink spilt on the merits and demerits of the demonetization move. Industry is up in arms against the liquidity crunch but is scared to speak too much against the black money drive. Journalists have typically taken extreme positions without understanding the nuances of the demonetization debate. The key issue that most are missing is that the goalpost of demonetization is not what many would like to believe. The immediate intent of the demonetization exercise is not to flush out black money, although that will be the eventual impact. Here are 5 key things we may have missed out in the demonetization logic… 01. The immediate intent was to create a liquidit
Why UPI is getting a cold response while Paytm is riding the wave

Why UPI is getting a cold response while Paytm is riding the wave

Technology
Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy. Its cornerstones were a unique biometrics-based Aadhaar ID for every citizen to enable authentication, and a unified payments interface (UPI) to simplify money transfer. India is on the cusp of leapfrogging. It’s called “India stack.” Tech evangelists helped put it together, and it includes other digital enablers like eSign and a digital locker, all backed by government and the Reserve Bank of India (RBI). Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!” But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI
Is Demonetization of High Value Currency Notes Worth All Current trouble Caused

Is Demonetization of High Value Currency Notes Worth All Current trouble Caused

Opinion
To understand this lets take an example - you are walking on a road. A thorn pierces your heel and the thorn contains a sort of slow poison, though you are not aware of this and ignores it thinking of it as a small issue. Now you feel pain therefore takes a pain killer. However, even after taking the pain killer, the pain returns after a couple of days. You take a double dose of the pain-killer, but again the pain returns after a week. Now, the pain killers are of no use whatsoever. The poison has become stronger with time. Meanwhile you also noticed swelling in your heels so you decide to go to a doctor. The doctor takes a scan and a test and says that the thorn had a slow poison which has now slowly started infecting your blood. However, there is still hope. The doctor says that the poi...
PM Modi just banned Rs500 and Rs1000 notes to fight corruption and terrorism

PM Modi just banned Rs500 and Rs1000 notes to fight corruption and terrorism

Information
India has decided to end the use of Rs500 and Rs1,000 currency notes from Nov. 09. During a televised address late today (Nov. 08), prime minister Narendra Modi said that the drastic measure was taken to curb the flow of black money and prevent the counterfeiting of notes in Asia’s third-largest economy. The government will issue new Rs500 and Rs2,000 denomination notes. Account holders can deposit Rs500 and Rs1000 notes in banks and post offices over the next 50 days with proof of identification such as a PAN card or an Aadhaar card. ATMs in India won’t operate on Nov. 09 and Nov. 10 to facilitate the replacement process. Banks will also remain closed to the public on Nov. 09. This is, so far, the biggest move made by the Modi government to stop the circulation of illegal