Cash Ban

Virus Gives Online Payments Fresh Boost 4 Years After Cash Ban

India News | Vrishti Beniwal and Suvashree Ghosh, Bloomberg | Monday July 13, 2020

The coronavirus outbreak may finally accomplish what India's shock demonetization four years ago failed to achieve: Use of digital payments is soaring for everything from groceries, electricity bills and cab fares.

"Scars Only Getting More Visible With Time": Manmohan Singh On Notes Ban

India News | Reported by Sunil Prabhu, Edited by Deepshikha Ghosh | Thursday November 8, 2018

Former prime minister Manmohan Singh today shared his scathing assessment of demonetisation as intense political sparring between the government and the opposition marked the second anniversary of the cash ban. "It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are...

Opinion: Demonetisation Changed Savings Behaviour Of Indians

Opinion | Mihir Sharma, Bloomberg | Monday September 3, 2018

The Indian central bank's final tally of Prime Minister Narendra Modi's 2016 demonetization drive, intended to take money derived from tax evasion out of circulation, showed that 99.3 percent of outlawed high-value banknotes had been returned.

India Inc Gets Pricing Mojo Back In Road To Recovery After Cash Ban, GST

Business | Vrishti Beniwal and P R Sanjai, Bloomberg | Thursday August 23, 2018

After the twin shocks of a cash ban in 2016 and the chaotic introduction of a consumption tax last year, India's economic recovery is gaining momentum. Businesses are taking advantage of the solid demand to raise prices, lifting profits, but also fanning inflation at a time of higher oil prices and a currency slump.

Opinion: India's Money Helicopter Flew Wrong Way With Cash Ban

Opinion | Andy Mukherjee, Bloomberg Gadfly | Wednesday November 8, 2017

In the annals of economic experimentation, India's cash ban will stand out. Not because it was ill-advised, poorly executed or unsuccessful in achieving its original aims. Prime Minister Narendra Modi's move to outlaw 86 percent of his country's currency a year ago today was all those things. What made it remarkable, though, was the way it flew aga...

Night Lights and Train Trips Help India Study Impact of Cash Ban

India News | Jeanette Rodrigues, Bloomberg | Wednesday November 8, 2017

With India still struggling to measure the impact of last year's unprecedented clampdown on cash -- especially on the vast informal sector -- some analysts are using innovative indicators to assess the health of the $2 trillion economy.

A Year After PM Modi's Notes Ban, What's Changed - And What Really Hasn't

Business | Vrishti Beniwal, Jeanette Rodrigues and Hannah Dormido, Bloomberg | Monday November 6, 2017

The biggest blow for PM Modi, who faces re-election early 2019, is that growth has slowed to levels last seen during his predecessor's administration.

Crackdown On Shell Companies Has Unearthed $1 Billion Cash, Says Minister

Business | Shruti Srivastava, Bloomberg | Tuesday October 24, 2017

The ministry is probing deposits of over $1 billion made by around 20,000 companies during the cash ban last year, while its Serious Fraud Investigation Office is investigating 1,505 companies for allegedly violating the Companies Act.

India Inc Profits Seen Emerging From The Shadow Of GST, Cash Ban

Business | Nupur Acharya, Bloomberg | Thursday October 12, 2017

Local investors have pumped in 189 billion rupees ($2.9 billion) into domestic funds in September, following a record 203 billion rupees the month before.

PM Modi's Jobs Problem Is Growing, Government Remains Optimistic

Business | Jeanette Rodrigues, Bloomberg | Friday September 22, 2017

The jobs market has been slugged by last November's shock cash ban and July's imposition of the national goods and services tax or GST.

Arun Jaitley Faces Conflicting Signs As He Tries To Revive Economy

Business | Jeanette Rodrigues, Bloomberg | Friday September 22, 2017

Economists have been lowering estimates for growth in GDP since the government's shock cash ban last year.

Economist Who Predicted Growth Slump Sees Lingering Pain From Notes Ban

Business | Anirban Nag, Archana Chaudhary, Bloomberg | Friday September 1, 2017

Government data on Thursday showed consumption continued to fall under the impact of Prime Minister Narendra Modi's clampdown on cash and investment stayed sluggish.

PM Modi Anti-Graft Drive Hit, 99% Of Banned Notes Returned

India News | Anirban Nag and Archana Chaudhary, Bloomberg | Wednesday August 30, 2017

People have deposited nearly all the currency bills voided by Prime Minister Narendra Modi, denting the central bank's profit and dealing a blow to his drive to unearth unaccounted wealth.

Signs of Rural India, Especially Uttar Pradesh, Recovering From Cash Ban

India News | Aditya Karkera, bloomberg | Tuesday July 18, 2017

India's vast rural hinterland, which makes up 70 percent of the population, is showing signs of recovery from last year's cash crunch, boosting optimism that increased spending will help the broader economy regain its vigor.

Market Darling India Has Issues As Inflation Hits Record Low

India News | Anirban Nag, Archana Chaudhary, Bloomberg | Thursday July 13, 2017

Some of the pessimism stems from the fact that is India is still recovering from a cash ban that interrupted employment for millions, forced farmers into fire sales of agricultural produce and bogged down the manufacturing sector.