Discover and read the best of Twitter Threads about #DeMonetization

Most recents (4)

1

There is lot of debate if #Demonetization is a success or failed. Naturally, the duffer @RahulGandhi jumped into it and has only one point to make based on Steering team report. Who makes that report NETA, do they know #DeMo NO

Here are few point I collected via WA
2

The Government of India decided to cancel the Legal Tender Status of Rs.1000 and Rs.500 denomination currency notes on 8th November 2016 with several objectives: (i) flushing out Black Money, (ii) eliminate Fake Indian Currency Notes (FICN),
3

(iii) to strike at the root of financing of terrorism and left-wing extremism, (iv) to convert non-formal economy into a Formal Economy to expand Tax Base and employment and (v) to give a big boost to Digitalization of payments to make India a less cash economy.
Read 12 tweets
1/n

Let's talk about NPAs :

On 8th April 2004, Soli J.Sorabjee, the then Ld Attorney General, arguing for Union of India, convinced a Constitution Bench of SC to uphold the Sarfaesi Act, 2002 by citing a pressing need to curb NPAs, which had risen to Rs. 1 lac crore
2/n
It was submitted before the SC that the enactment of RDDB Act, 1993 & establishment of DRTs has been unable to stop the rise in NPAs. Mr. Salve chipped in with a talk on International practices.

The SC agreed. A harsh, draconian law was upheld.
indiankanoon.org/doc/1059476/
3/n
It was upheld with a stated objective of "reducing" the NPAs. A lot of existing protections under laws & principles of natural justice were allowed to be trampled by banks and financial institutions to address the pressing need of 'reducing the 1 lac crores of NPAs'.
Read 20 tweets
RBI has come with an excellent paper on the benefits of #Demonetisation - with undeniable facts and data and not rhetoric that has been offered by newly minted economists or stale shayari from the Congress stable. Consider some facts in next few tweets.1/10
Currency in circulation (CIC): CIC was down by 8% Y-o-Y as against 17.2% rise in previous year. So as of 27th Oct 2017, CIC was around 91% of pre-demonetization levels and actually 81% if same growth rate had continued in absence of demonetization. 2/10
Currency in circulation as proportion of broad money (M3) fell to 12.3% on 13th Oct 2017 as compared to 14.4% on 11th Nov 2016. The conclusions in RBI paper are thus significant. 3/10
Read 11 tweets
Thread: The real objective behind #demonetisation was… (1/n)
Nov 8, 2016: Modi demonetisation speech - “to get a grip on corruption and black money”
narendramodi.in/text-of-prime-… (2/n)
PM Narendra Modi uttered the phrase “black money” 18 times in this speech on Nov 8, 2016. (3/n)
Read 23 tweets

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