#DataFix: Is India Ready To Become A Cashless Society?

Rajiv Anand, executive director at Axis Bank, talks to Shreya Shah about why it is taking so long to remonetise banks in India, whether India is ready to go cashless and how safe online transactions are.     We welcome feedback. Please write to respond@indiaspend.org. We reserve the right to edit responses for language and … Continued

#Notebandi May Exacerbate India’s Public Health Crisis

Mahavir Malhar, 52, from Jharkhand came to Mumbai for his wife’s cancer treatment. Their sons cannot send the couple money because of long lines at banks back home. The couple have no money for meals or even tea, surviving on the hospital’s charitable kitchen. Unlike government-run hospitals, private hospitals have not been allowed to use … Continued ...

How The Poorest Escaped #NoteBandi: They Don’t Have Money

Krishna Shukla, 36, a porter at Vashi’s agricultural market, said he rarely sees notes of Rs 500 because his daily income is only Rs 300. The ‘demonetisation’ exercise led to long queues at the banks and reduced short-term income for many small-scale businessmen. But the poorest appear to have been affected less because they either … Continued

Only 16 Of Every 250 Fake Notes Detected In India

Jitendra Rana, senior superintendent of police, Patna, after a counterfeit currency racket was busted. In 2015, 0.88 million fake notes worth Rs 43.8 crore were seized, according to data from the National Crime Records Bureau.   Is India doing enough to detect fake notes, cited by the Prime Minister as a significant reason for withdrawing … Continued

In India's Richest State, Widespread Rural Misery–And Support For Modi

  Thirteen days after the Prime Minister announced the invalidation of 86% of India’s currency–that is, Rs 500 and Rs 1,000 notes–the lives of people in Maharashtra’s villages and towns are widely disrupted, IndiaSpend’s investigation in five districts found. Our analysts Abhishek Waghmare, Shreya Shah, Swagata Yadavar and Mukta Patil spoke to a variety of … Continued

In India’s Richest State, Widespread Rural Misery–And Support For Modi

  Thirteen days after the Prime Minister announced the invalidation of 86% of India’s currency–that is, Rs 500 and Rs 1,000 notes–the lives of people in Maharashtra’s villages and towns are widely disrupted, IndiaSpend’s investigation in five districts found. Our analysts Abhishek Waghmare, Shreya Shah, Swagata Yadavar and Mukta Patil spoke to a variety of … Continued

#Notebandi Impact: Bank Deposits Exceed Withdrawals By Nearly 5 Times

  Deposits were nearly five times as large as withdrawals over 10 days to November 18, 2016, after Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes on November 8, 2016.   Exchange/deposits of invalid notes–Rs 500 and Rs 1,000–amounted to Rs 5,44,571 crore ($80 billion) between November 10 and 18, … Continued

#Datafix: Demonetisation–The Prospects And Perils

More than a week into demonetisation, the queues outside banks continue with no immediate end in sight. How quickly can the Reserve Bank of India print currency? Is this exercise actually ‘demonetisation’? How accessible is a bank to the average Indian? Find out as Praveen Chakravarty from IDFC Institute explains to Abhishek Waghmare:     … Continued