Monetary reform

DeMonetisation and Digital Payments

DeMonetisation did not promote the uptake of digital transactions Driving India towards a less-cash, digital payments economy was one of the aims claimed by the Prime Minister when he invalidated 86% of India’s circulating currency. The reasoning was that India was a largely cash-based economy; if circulating cash was reduced, people would rapidly move towards …

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Going cashless or recapitalizing banks

A reckless war on cash – the real goal of #DeMonetisation

It isn’t just in India, that people are being forced to put money into banks. Banks worldwide are in trouble. Banks worldwide are needing bailouts. Demonetisation of notes is being considered as well as put into action in country after country – Europe (plan to not make 500 Euros post 2018), Venezuela (got reversed after …

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Why black money was never the real goal of #demonetisation

As per Arun Jaitley, the demonetised cash in circulation on the 8th of November was 15.4 lakh crores. The population of India is over 120 crores. (been six years since the census, but we go with this lower number). This averages to 12,833 thousand rupees per Indian. It may seem a lot, but the money …

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rbi-circular-notes-exchange

An opportunity for political opposition of #demonetisation

Political parties in India are not required to account for small cash donations. This has been used to do much evil in India. Political parties should consider exchanging the troublesome notes for citizens as donations received and┬áreturned (for whatever reason, including “demonetisation”) and get the notes exchanged in bulk at the RBI (or deposited into …

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Problems with the tall claims made about demonetisation

There is an abundance of claims by the government both about the virtues of demonetisation as well as the duration of the “inconvenience” people┬áhave to go through. Here is my attempt to debunk some of them. To begin with, there is a slight problem. The objectives of the demonetisation have not been officially and explicitly …

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