• Latest
  • Trending

Scared of being grilled on demonetization Indian Reserve Bank Governor flees from the media

January 12, 2017
Image credits - Timothy Newman / Unsplash

Biden launched airstrikes against Iran-backed militias in Syria to “send a message”

February 26, 2021
Image credits - Slash Gear

Nestle expands plant-based products with new vegan KitKat bar

February 26, 2021
Image credits - Joshua Sukoff / Unsplash

Biden discussed renewed diplomatic efforts to end the war in Yemen with Saudi King Salman

February 26, 2021
Lankan Prez lays his cards on the table in Independence Day oration

Sri Lanka seeks $2.2 bn from China as reserves shrink

February 26, 2021
Image credits - Benjamin Raffetseder / Unsplash

China’s Xiaomi adds manufacturing muscle in India to boost phone production

February 26, 2021
Rohit Sharma. (Photo Source: Twitter)

India rout England in two-day spin mayhem in Ahmedabad

February 26, 2021
Image credits - Daniel Schludi / Unsplash

Brazil to buy 20 million COVID-19 vaccines from India’s Bharat Biotech

February 26, 2021
Background to Lanka’s decision to lift ban on burying COVID dead

Background to Lanka’s decision to lift ban on burying COVID dead

February 26, 2021
COVID body being brought for cremation in Sri Lanka

Sri Lanka finally allows burial of Covid-19 victims

February 25, 2021
UNHRC debate: A majority of countries spoke in favour of Sri Lanka

UNHRC debate: A majority of countries spoke in favour of Sri Lanka

February 25, 2021
Wang Yi and Dinesh Gunawardena show commonality of views on major issues

Wang Yi and Dinesh Gunawardena show commonality of views on human rights

February 25, 2021
Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

February 25, 2021
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact
Friday, February 26, 2021
  • Login
  • Register
No Result
View All Result
NewsIn.Asia
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Lankan Prez lays his cards on the table in Independence Day oration

    Sri Lanka seeks $2.2 bn from China as reserves shrink

    Image credits - Benjamin Raffetseder / Unsplash

    China’s Xiaomi adds manufacturing muscle in India to boost phone production

    Rohit Sharma. (Photo Source: Twitter)

    India rout England in two-day spin mayhem in Ahmedabad

    Image credits - Daniel Schludi / Unsplash

    Brazil to buy 20 million COVID-19 vaccines from India’s Bharat Biotech

    Background to Lanka’s decision to lift ban on burying COVID dead

    Background to Lanka’s decision to lift ban on burying COVID dead

    COVID body being brought for cremation in Sri Lanka

    Sri Lanka finally allows burial of Covid-19 victims

    UNHRC debate: A majority of countries spoke in favour of Sri Lanka

    UNHRC debate: A majority of countries spoke in favour of Sri Lanka

    Wang Yi and Dinesh Gunawardena show commonality of views on major issues

    Wang Yi and Dinesh Gunawardena show commonality of views on human rights

    Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

    Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

  • World
    • All
    • Japan
    • Russia
    • United States
    Image credits - Timothy Newman / Unsplash

    Biden launched airstrikes against Iran-backed militias in Syria to “send a message”

    Image credits - Slash Gear

    Nestle expands plant-based products with new vegan KitKat bar

    Image credits - Joshua Sukoff / Unsplash

    Biden discussed renewed diplomatic efforts to end the war in Yemen with Saudi King Salman

    Image credits - Daniel Schludi / Unsplash

    Brazil to buy 20 million COVID-19 vaccines from India’s Bharat Biotech

    Image credits - Nathan Dumlao / Unsplash

    Cocaine ‘worth billions’ seized in record Germany and Belgium haul

    Image credits - Hakan Nural / Unsplash

    Boost for COVID-19 battle, Pfizer vaccine found 94% effective in real world

    Image credits - Stefan Spassov / Unsplash

    Japan appoints ‘minister of loneliness’ to help people home alone

    Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020. Patrick Pleul | picture alliance | Getty Images

    Musk loses world’s richest title as Tesla falters

    Image credits - Torstensimon

    India sends first vaccine doses to Africa under WHO’s COVAX programme

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Series
    Bengali Adhunik song Bela Hole Absan

    Bengali Adhunik song Bela Hole Absan

    Image credits - Steven Cordes / Unsplash

    Gotta catch ’em all: Pandemic sends prices soaring for Pokemon cards

    Image credits - Fixelgraphy / Unsplash

    Spotify to expand into more than 80 new markets including Sri Lanka, Pakistan and Maldives

    Image credits - AdamBMorgan / big-ashb

    Grammy-winning duo Daft Punk announces split after 28 years

    Image credits - LupEnd007 / rodrigoferrari

    Kim Kardashian files for divorce from Kanye West

    Nollywood meets Bollywood in love tale ‘Namaste Wahala’

    Nollywood meets Bollywood in love tale ‘Namaste Wahala’

    Image credits - Gullah / Pixabay

    Disney returns to profit as streaming success offsets pandemic-hit parks

    ARO KOTO DIN AMI KHUJECHI TOMAKE II NANDITA II SEYLON MUSIC LOUNGE

    ARO KOTO DIN AMI KHUJECHI TOMAKE II NANDITA II SEYLON MUSIC LOUNGE

    Image credits - Neetu Kapoor / Instagram

    Rajiv Kapoor passes away at 58

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Image credits - Slash Gear

    Nestle expands plant-based products with new vegan KitKat bar

    India-made COVID-19 vaccine in Ghana

    India-made COVID-19 vaccine in Ghana

    Image credits - Stefan Spassov / Unsplash

    Japan appoints ‘minister of loneliness’ to help people home alone

    Image credits - freestocks / Unsplash

    Singapore trials Smartphone app offering mini check-ups

    First human case of H5N8 bird flu reported in Russia. Image credits - CDC

    First human case of H5N8 bird flu reported in Russia

    Image credits - LupEnd007 / rodrigoferrari

    Kim Kardashian files for divorce from Kanye West

    “What you say is not as important as the bookcase behind you”

    “What you say is not as important as the bookcase behind you”

    Swati Mohan spearheaded the attitude control and landing system of the Perseverance rover. (Image: Nasa)

    Swati Mohan, Indian-American scientist who led charge to land Nasa rover on Mars, was inspired by Star Trek as a kid

    Image credits - Luca Rüegg / Unsplash

    NASA’s astrobiology rover Perseverance makes historic Mars landing

    Image credits - Arlington Research / Unsplash

    Pandemic to widen skill gaps as workplaces change, McKinsey says

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Image credits - Benjamin Raffetseder / Unsplash

    China’s Xiaomi adds manufacturing muscle in India to boost phone production

    Image credits - freestocks / Unsplash

    Singapore trials Smartphone app offering mini check-ups

    Image credits - Fixelgraphy / Unsplash

    Spotify to expand into more than 80 new markets including Sri Lanka, Pakistan and Maldives

    Image credits - Nicole de Andrade

    Tech Tips: Signal lets users create groups with up to 1000 members, here is how to create one

    Whatsapp / Pic - India Today

    WhatsApp to switch off messages for all who reject new terms

    Image credits - Solen Feyissa / Unsplash

    Facebook news goes dark in Australia as content spat escalates

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
  • Home
  • Around South Asia
    • All
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
    Lankan Prez lays his cards on the table in Independence Day oration

    Sri Lanka seeks $2.2 bn from China as reserves shrink

    Image credits - Benjamin Raffetseder / Unsplash

    China’s Xiaomi adds manufacturing muscle in India to boost phone production

    Rohit Sharma. (Photo Source: Twitter)

    India rout England in two-day spin mayhem in Ahmedabad

    Image credits - Daniel Schludi / Unsplash

    Brazil to buy 20 million COVID-19 vaccines from India’s Bharat Biotech

    Background to Lanka’s decision to lift ban on burying COVID dead

    Background to Lanka’s decision to lift ban on burying COVID dead

    COVID body being brought for cremation in Sri Lanka

    Sri Lanka finally allows burial of Covid-19 victims

    UNHRC debate: A majority of countries spoke in favour of Sri Lanka

    UNHRC debate: A majority of countries spoke in favour of Sri Lanka

    Wang Yi and Dinesh Gunawardena show commonality of views on major issues

    Wang Yi and Dinesh Gunawardena show commonality of views on human rights

    Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

    Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

  • World
    • All
    • Japan
    • Russia
    • United States
    Image credits - Timothy Newman / Unsplash

    Biden launched airstrikes against Iran-backed militias in Syria to “send a message”

    Image credits - Slash Gear

    Nestle expands plant-based products with new vegan KitKat bar

    Image credits - Joshua Sukoff / Unsplash

    Biden discussed renewed diplomatic efforts to end the war in Yemen with Saudi King Salman

    Image credits - Daniel Schludi / Unsplash

    Brazil to buy 20 million COVID-19 vaccines from India’s Bharat Biotech

    Image credits - Nathan Dumlao / Unsplash

    Cocaine ‘worth billions’ seized in record Germany and Belgium haul

    Image credits - Hakan Nural / Unsplash

    Boost for COVID-19 battle, Pfizer vaccine found 94% effective in real world

    Image credits - Stefan Spassov / Unsplash

    Japan appoints ‘minister of loneliness’ to help people home alone

    Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020. Patrick Pleul | picture alliance | Getty Images

    Musk loses world’s richest title as Tesla falters

    Image credits - Torstensimon

    India sends first vaccine doses to Africa under WHO’s COVAX programme

  • Business
  • Politics
  • Sports
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Series
    Bengali Adhunik song Bela Hole Absan

    Bengali Adhunik song Bela Hole Absan

    Image credits - Steven Cordes / Unsplash

    Gotta catch ’em all: Pandemic sends prices soaring for Pokemon cards

    Image credits - Fixelgraphy / Unsplash

    Spotify to expand into more than 80 new markets including Sri Lanka, Pakistan and Maldives

    Image credits - AdamBMorgan / big-ashb

    Grammy-winning duo Daft Punk announces split after 28 years

    Image credits - LupEnd007 / rodrigoferrari

    Kim Kardashian files for divorce from Kanye West

    Nollywood meets Bollywood in love tale ‘Namaste Wahala’

    Nollywood meets Bollywood in love tale ‘Namaste Wahala’

    Image credits - Gullah / Pixabay

    Disney returns to profit as streaming success offsets pandemic-hit parks

    ARO KOTO DIN AMI KHUJECHI TOMAKE II NANDITA II SEYLON MUSIC LOUNGE

    ARO KOTO DIN AMI KHUJECHI TOMAKE II NANDITA II SEYLON MUSIC LOUNGE

    Image credits - Neetu Kapoor / Instagram

    Rajiv Kapoor passes away at 58

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Science
    • Travel
    Image credits - Slash Gear

    Nestle expands plant-based products with new vegan KitKat bar

    India-made COVID-19 vaccine in Ghana

    India-made COVID-19 vaccine in Ghana

    Image credits - Stefan Spassov / Unsplash

    Japan appoints ‘minister of loneliness’ to help people home alone

    Image credits - freestocks / Unsplash

    Singapore trials Smartphone app offering mini check-ups

    First human case of H5N8 bird flu reported in Russia. Image credits - CDC

    First human case of H5N8 bird flu reported in Russia

    Image credits - LupEnd007 / rodrigoferrari

    Kim Kardashian files for divorce from Kanye West

    “What you say is not as important as the bookcase behind you”

    “What you say is not as important as the bookcase behind you”

    Swati Mohan spearheaded the attitude control and landing system of the Perseverance rover. (Image: Nasa)

    Swati Mohan, Indian-American scientist who led charge to land Nasa rover on Mars, was inspired by Star Trek as a kid

    Image credits - Luca Rüegg / Unsplash

    NASA’s astrobiology rover Perseverance makes historic Mars landing

    Image credits - Arlington Research / Unsplash

    Pandemic to widen skill gaps as workplaces change, McKinsey says

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Tech
    Image credits - Benjamin Raffetseder / Unsplash

    China’s Xiaomi adds manufacturing muscle in India to boost phone production

    Image credits - freestocks / Unsplash

    Singapore trials Smartphone app offering mini check-ups

    Image credits - Fixelgraphy / Unsplash

    Spotify to expand into more than 80 new markets including Sri Lanka, Pakistan and Maldives

    Image credits - Nicole de Andrade

    Tech Tips: Signal lets users create groups with up to 1000 members, here is how to create one

    Whatsapp / Pic - India Today

    WhatsApp to switch off messages for all who reject new terms

    Image credits - Solen Feyissa / Unsplash

    Facebook news goes dark in Australia as content spat escalates

    Trending Tags

    • Sillicon Valley
    • Climate Change
    • Election Results
    • Flat Earth
    • Golden Globes
    • MotoGP 2017
    • Mr. Robot
  • Coronavirus
No Result
View All Result
NewsIn.Asia
No Result
View All Result
Home Around South Asia

Scared of being grilled on demonetization Indian Reserve Bank Governor flees from the media

Editor by Editor
January 12, 2017
in Around South Asia, Around The World, India
Reading Time: 3min read
1 1
Share on WhatsApp
Fleet footed Governor of India’s Central Bank (Reserve Bank of India) runs away from the media wanting to talk to him about the demonetization disaster

New York Times editorial on India’s demonetization 

New York, January 9: Two months after the Indian government abruptly decided to swap the most widely used currency notes for new bills, the economy is suffering. The manufacturing sector is contracting; real estate and car sales are down; and farm workers, shopkeepers and other Indians report that a shortage of cash has made life increasingly difficult.

Prime Minister Narendra Modi announced on Nov. 8 that the 500 and 1,000 rupee notes (roughly $7.50 and $15) that made up about 86 percent of all currency in circulation could no longer be used in most transactions and would be replaced by new 500 and 2,000 rupee notes.

People could deposit old notes in banks until Dec. 30 and withdraw a limited number of new notes every week. This was meant to help identify people who were hoarding cash — or “black money,” as it is known in India — to avoid paying taxes or to engage in corruption. Mr. Modi’s government later said that it was also eager for Indians to move to electronic transactions. 

But the swap was atrociously planned and executed. Indians had to line up for hours outside banks to deposit and withdraw cash. New notes have been in short supply because the government did not print enough of them in advance. The cash crunch has been worst in small towns and rural areas. The amount of cash in circulation fell by nearly half, from 17.7 trillion rupees ($260 billion) on November.4 to 9.2 trillion ($135 billion) on December 23  according to the Reserve Bank of India.

No economy can lose that much currency in a few weeks without creating major hardship — certainly not one like that of India, where cash is used for about 98% of consumer transactions by volume. And while a growing number of people have debit cards and cellphones that can be used to transfer money, most merchants are not set up to accept such electronic payments.

Meanwhile, there is little evidence that the currency swap has succeeded in combating corruption or that it will forestall future bad behavior once more cash becomes available. The government had said that people bringing more than 250,000 rupees ($3,660) of the old notes to banks would have to show that they had paid taxes owed on the money. Because of those rules, officials had expected that a lot of black money would never make it back to banks. Yet local news outlets are reporting that Indians have successfully deposited the vast majority of old notes. That suggests that either there wasn’t as much black money out there as the government claimed or that tax cheats found a way to deposit their hoards of cash without attracting the government’s attention, perhaps with the help of money launderers.

Many Indians have said that they are willing to tolerate some pain in the fight against corruption. But their patience won’t last if the cash crunch continues and the swap does little to reduce corruption and tax evasion, as many economists predict.

(The featured picture at the top is that of Dr.Urjit Patel, Governor of the Reserve Bank of India, the country’s Central Bank)

SendShare1Tweet1ShareShare
Editor

Editor

Recommended Articles

  • All
  • Recommend
COVID body being brought for cremation in Sri Lanka

Sri Lanka finally allows burial of Covid-19 victims

February 25, 2021
Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

Lanka-Pakistan ties to acquire a new look following Imran Khan’s visit

February 25, 2021
Contribution of T.B.Jayah to Sri Lanka-Pakistan relations

Contribution of T.B.Jayah to Sri Lanka-Pakistan relations

February 23, 2021
The Bengalis’ pioneering struggle for language rights

The Bengalis’ pioneering struggle for language rights

February 21, 2021
Imran Khan’s climb to the political summit was long and hard

Imran Khan’s climb to the political summit was long and hard

February 20, 2021
Indian Foreign Minister’s visit to Male enhances economic ties with  Maldives

Indian Foreign Minister’s visit to Male enhances economic ties with Maldives

February 20, 2021

Advertorial

  • All
  • Advertorial
Visual and Textual Analysis for Images with Reverse Search Tools

Visual and Textual Analysis for Images with Reverse Search Tools

January 3, 2021

Popular Now

  • UNHRC debate: A majority of countries spoke in favour of Sri Lanka

    UNHRC debate: A majority of countries spoke in favour of Sri Lanka

    21 shares
    Share 8 Tweet 5
  • Spotify to expand into more than 80 new markets including Sri Lanka, Pakistan and Maldives

    11 shares
    Share 5 Tweet 3
  • Vaccines roll out to public; six centres in Colombo

    11 shares
    Share 5 Tweet 3
  • Don’t fall for this simple trick to get your WhatsApp hacked

    116 shares
    Share 100 Tweet 7
  • Sri Lanka finally allows burial of Covid-19 victims

    9 shares
    Share 4 Tweet 2
  • About Us
  • Advertisements
  • Privacy Policy
  • Contact

© 2020 NewsIn.Asia - Lovingly maintained by DigitalArc.

No Result
View All Result
  • Home
  • Around South Asia
    • Afghanistan
    • Bangladesh
    • Bhutan
    • China
    • India
    • Maldives
    • Myanmar
    • Nepal
    • Pakistan
    • Sri Lanka
  • Around The World
  • Breaking News
  • Business
    • Exchange
  • Climate Change
  • Governance
    • Crime
    • Diplomacy
    • Defense
    • Human Rights
    • Politics
    • Strategic Affairs
  • Lifestyle
    • Books
    • Entertainment
      • Arts
      • Cinema
      • Gaming
      • Music
      • Movie
      • Series
      • TV
    • Health
    • Fashion
    • Food
    • Travel
  • Culture
    • Ethnicity
    • Gender
  • Development news
  • Economy
  • Education
  • Environment
  • Coronavirus
  • History
  • National
  • Offbeat
    • Media
    • Music and arts across South Asia
  • Recommended
    • Headlines
    • Highlights
    • Top Picture
    • Top Story
  • Religion
  • Science
  • Sports
    • Football
    • Cricket
      • LPL
      • IPL
    • Tennis
    • Formula 1
    • NBA
  • Tech
    • Instagram
  • United Nations
  • Weather
  • World
    • Japan
    • Russia
    • United States

© 2020 NewsIn.Asia - Lovingly maintained by DigitalArc.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In