The demonetisation of Rs 500 and Rs 1,000 notes will hurt agriculture, informal sector workers—about 482 million people who earn cash incomes—and disrupt India’s consumption patterns for at least the next quarter, according to an assessment released last week by Deloitte, an international consulting firm. In contrast, sectors like e-commerce and payment banks, … Continued
Datum 1: Bank branches increased at 5% per year, but automated teller machines (ATMs), debit cards and card-swiping machines have doubled in four years and online transactions have grown 20 times in six years to 2016, Reserve Bank of India (RBI) data show, a process likely to be greatly boosted by demonetisation. Datum … Continued
On this week’s DataFix with IndiaSpend, we discuss the effects of demonetisation of Rs 500 and Rs 1,000 notes. Will the move lead to a reduction of black money? Which businesses will be affected most? Govindraj Ethiraj, founder of IndiaSpend, journalist, and founder-editor of Bloomberg TV India, discusses the implications for the Indian economy. … Continued
Rs 14 lakh crore–or $217 billion, 86% of the value of Indian currency currently in circulation–will become useless from midnight of November 8, 2016, part of the government’s crackdown on black, or unaccounted, money. Rs 500 notes amount to Rs 7.85 lakh crore (approx. $120 billion), while Rs 1,000 add up to to … Continued ...