Economy

The Indian Government’s $100 Billion Heist

The Indian Government’s $100 Billion Heist

News accounts and analyses on other blogs have usefully described and critically assessed the “demonetization” shock that Prime Minister Narendra Modi gave the Indian economy on November 8. Here we emphasize two features of Modi’s initiative that have been little noticed. First, the combination of demonetization followed by “remonetization” will transfer billions worth of US […]

Are our Currency Notes being printed by Companies earlier Blacklisted for printing Counterfeit Indian & Pakistani Notes?

Are our Currency Notes being printed by Companies earlier Blacklisted for printing Counterfeit Indian & Pakistani Notes?

Why has De la Rue, a black-listed company by the Reserve Bank of India previously, been given the contract to supply machinery for the re-printing currency notes, without any official announcement being made? Until April 2016 at least, De La Rue continued to supply paper for this printing, and was re-issued tenders by the Modi Govt for […]

Demonetisation shock: Newly-married girl killed after father failed to give dowry in new Rs 500, Rs 2000 notes

Demonetisation shock: Newly-married girl killed after father failed to give dowry in new Rs 500, Rs 2000 notes

The girl’s father was not aware of the sudden declaration on demonetisation by the Modi government. Thus, when he offered Rs 1.70 lakh in old denomination notes, the bridegroom’s family refused to receive the cash In a shocking news coming from Odisha, a newly-married girl was killed by her in-laws in Ganjam district as her […]

Nepal bans new Indian Rs 500 and Rs 2,000 notes

Nepal bans new Indian Rs 500 and Rs 2,000 notes

Nepal Rastra Bank on Thursday banned the use of India’s new currency notes of Rs 500 and Rs 2,000 denomination, terming them “unauthorised and illegal”. These two currency notes were issued by the Reserve Bank of India recently after old Rs 500 and Rs 1,000 denomination notes were withdrawn. Nepal Rastra Bank (NRB) has called […]

India rupee ban: Currency move is ‘bad economics’

India rupee ban: Currency move is ‘bad economics’

India’s dramatic move to scrap 500 ($7.60) and 1,000 rupee notes is poor economics, a leading economist says. Kaushik Basu, the former chief economist for the World Bank, says the “collateral damage” is likely to outstrip its benefits. The overnight ban on the notes last week was intended to crack down on corruption and so-called […]

View: Narendra Modi takes a great leap backwards. Mao would approve

View: Narendra Modi takes a great leap backwards. Mao would approve

In 1958, Chairman Mao ordered that that all sparrows over China should be put to death. It was hailed as a necessary step by a strong leader.Farmers were suffering because sparrows tended to eat their grain seeds. Thus began The Great Sparrow Campaign. A countless number of sparrows were indeed wiped out -but there were […]

Adani, Ambani had prior info on demonetisation, says BJP MLA Rajawat

Adani, Ambani had prior info on demonetisation, says BJP MLA Rajawat

Ruling BJP legislator Bhawani Singh Rajawat stirred controversy when he was caught on camera criticising the Narendra Modi government’s decision to scrap Rs 500 and Rs 1,000 notes and alleging that industrialists Gautam Adani and Ambanis had prior information of the demonetisation decision. However, when the video was broadcast on a news channel, the Ladpura […]