“The concept was good as a move to a cashless society to impede
corruption but the rollout was deeply flawed and the introduction of the
Rs 2000 note makes the motivation for the entire exercise puzzling,”
(Source: Demonetisation rollout ’deeply flawed’, says Nobel winner Richard Thaler, dtd. Nov. 19 2017, at <http://www.moneycontrol.com/news/in…> .)
152. Ref.: ’No cash!’: Simbu’s ’Demonetization Anthem’ takes a dig at
note ban and GST: The song appears in his upcoming film ’Thatrom
Thookrom’., dtd. Nov. 11 2017, at <http://www.thenewsminute.com/articl…> .
153. Ref.: Here are the 105 people who died in 45 days of demonetisation by Shilpa Shaji, dtd. Dec. 22 2016, at <http://naradanews.com/2016/12/here-…> .
About 1.5 million jobs were lost during January-April 2017. The
estimated total employment during the period was 405 million compared to
406.5 million during the preceding four months, September-December
These estimates are based on consecutive Waves of CMIE’s
Consumer Pyramids Household Surveys (CPHS). These are all-India
household surveys over a sample size of 161,167 households that included
519,285 adults. The most recent Wave was conducted over the four month
period of January through April 2017. This was the first complete Wave
post demonetisation. Demonetisation began in the middle of the preceding
Wave which was conducted from September through December 2017.
(Source: 1.5 million jobs lost in first four months of 2017 by Mahesh Vyas, dtd, July 11 2017, at <https://www.cmie.com/kommon/bin/sr….> .)
155. Ref.: Demonetisation: 35 per cent job losses, 50 per cent revenue
dip, says study by largest organisation of manufacturers: The study,
conducted by AIMO, has also projected a drop in employment of 60 per
cent and loss in revenue of 55 per cent before March 2017. by Arun
Janardhanan, Dtd. Ja. 9 2017, at <http://indianexpress.com/article/in…> .
156. Source: Impacts on Demonetization: Organized and Unorganized
Sector by Dr.S.Balamurugan and B.K.Hemalatha, P. 5/11, IOSR Journal Of
Humanities And Social Science (IOSR-JHSS).
157. Source: Reviving the
informal sector from the throes of demonetisation by Kaushik
Bhattacharya, Siddhartha Mitra, Sarmistha Pal and Bibhas Saha, dtd. Feb.
13 2017, at <http://www.ideasforindia.in/article…> .
158. Ref.: Demonetisation anniversary: Cooperative banks still weighed
down by cash that cannot be used, dtd. Nov. 8 2017, at <http://indianexpress.com/article/ex…> .
One may, here, specifically take note of:
In June, the RBI —following an SC ruling — agreed to exchange old notes
DCCBs had accepted during November 10-14, 2016, but not those deposited
before November 10. The cash idling in the state’s DCCBs, estimated to
be about Rs 100-150 crore, is incidentally part of the 1% devalued notes
that have not yet come back into the system.
159. Ref.: India’s Q1 GDP growth falls to 5.7%, hits 3-year low, dtd. Aug. 31 2017, at <https://timesofindia.indiatimes.com...> .
160. Ref.: India’s export drops by over 1%, trade deficit widens to near 3-year high, dtd. Nov. 14 2017, at <https://scroll.in/latest/857877/ind…> .
161. Ref.: RBI annual report: How govt, RBI made a loss during demonetisation, dtd. Aug. 31 2017, at <http://www.businesstoday.in/current…> .
162. Ref., e.g.: I-T officials asked DK Shivakumar to join BJP to avoid
raids, claims Karnataka CM: “The Central government is controlling the
I-T Department, the Enforcement Directorate and the CBI to threaten
people,” SIddaramaiah said, dtd. Nov. 9 2017, at <http://www.thenewsminute.com/articl…> .
163. Ref.: The Chart, ’PSBs gross NPAs in Rs cr’, in Bad loans of
Indian banks cross Rs 8,00,000 cr: Banking mess explained in 7 charts by
Kishor Kadam, dtd. Aug. 17 2017, at <http://www.firstpost.com/business/b…> .
164. Ref.: Modi Should Explain How Rafale Deal Went From ‘95% Complete’
to Zero in Two Weeks by Ravi Nair, Nov. 22 2017, at <https://thewire.in/198840/rafale-de…> .
Also: Clouds over fighter jet: How much did Rafale actually cost? by Ajai Shukla, dtd. Nov. 24 2017, at <http://www.business-standard.com/ar…> .
165. Ref.: Chief Justice Mohit Shah Made An Offer Of Rs 100 Crore To My
Brother For A Favourable Judgment In The Sohrabuddin Case: Late Judge
Loya’s Sister by Niranjan Takle, dtd. Nov. 21 2017, at <http://www.caravanmagazine.in/vanta…> .
Also: SOHRABUDDIN’S BROTHER WANTED PROBE, WROTE TO THEN CJ by Sharmeen Hakim, dtd. Nov. 22 2017, at <https://mumbaimirror.indiatimes.com...> .
And: Judge Loya’s Death: 13 Questions That Remain Unanswered by Vakasha Sachdev, Dtd. Nov. 24 at <https://www.thequint.com/voices/opi…> .
166. Ref.: The Golden Touch of Jay Amit Shah by Rohini Singh, dtd. Oct. 8 2017, at <https://thewire.in/185512/amit-shah…> .
167. Ref.: Exclusive: Think-Tank Run by NSA Ajit Doval’s Son Has
Conflict of Interest Writ Large by Swati Chaturvedi, dtd. Nov. 4 2017,
at <https://thewire.in/193873/exclusive…> .
Demonetisation was considered so important that the PM decided that he
himself will announce it, instead of allowing the RBI Governor or the
Finance Minister to do it.
That’s what a veteran BJP leader, a
former Union Finance and External Affairs Minister, Yashwant Sinha, now
considered a dissident though, would very aptly point out to underline
the political dimensions of the move.
(Source: Demonetisation has
caused a loss of Rs 3.75 lakh crore, economy standing on one leg:
Yashwant Sinha, dtd. Nov. 15 2017, at <http://indianexpress.com/article/in…> .
169. Here is a recent account on how the GST, another major move picked
up from the preceding regime by reversing its earlier stand and now
implemented by the current regime with great gusto, has benefited the
big business at the cost of the small and medium ones.
aftershock creates widening two-speed economy in India: GST has driven a
wedge between firms that have adapted to the new levies and a vast
swathe of small businesses, representing almost half the Indian economy,
that are struggling by Anirban Nag and P R Sanjal, dtd. Nov. 15 2017,
at <http://www.livemint.com/Politics/QJ…> .
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