Pak. Still struggling with aftermath of our Surgical Strikes!

Pak. Still struggling with aftermath of our Surgical Strikes!

Just over two weeks into its biggest fight against tax evasion and graft, India's regulatory flip-flops are confusing citizens and sparking criticism of the government's planning.

Pushing for mobile banking to deal with problems arising out of demonetisation, Prime Minister Narendra Modi on Friday asked the people to let their mobile phones serve as a bank branch to deal with corruption and black money.

Bureaucrats tasked with the cash swop have reversed rules twice a day on average.

Speaking about the government's drive against black money, Modi said, "Black money & corruption has looted the middle class and deprived poor of their rights".

The reason why Modi chose to ban the old 500 and 1000 notes is because the notes of higher denominations make transactions in cash easier since you require only a few notes to make high valued transactions. Slowing inflation allowed a panel led by Reserve Bank of India governor Urjit Patel to lower the benchmark rate to the lowest in more than five years last month.

The move led to long queues outside banks as anxious consumers tried to exchange old notes for new ones before the Dec 31 deadline.

Ankeet, a currency trader from London, has given Rs2,000 of old notes to a cousin going to India.


Select bank branches began using indelible ink, after the announcement instructing them to do so was issued on November 15. Therefore the poorest segments of society have been hit hard by the demonetization, because they are most likely to have their savings kept in banknotes since many don't have bank accounts, and also this means they can not buy daily necessities anymore since their banknotes are not valid. Have you heard someone accepting or paying bribe through cheque?

Also, thousands of families are also struggling in this wedding season without having cash in hand to manage the expenses.

The then Janata government withdrew 1,000-rupee, 5,000-rupee and 10,000-rupee bills, but there was no panic since it involved only 1.8 per cent of the currency in circulation. I don't think it is an issue that the government isn't prepared.

"The government has said no questions will be asked if my account balance is less than 2,50,000 rupees (£2,947; $3,664). REALITY: No, only technical correction". This will encourage people who are still unbanked to open new bank accounts.

"There is no reason that we can not use our rights (over our waters) and let our farmers suffer", he said, adding, "I need your blessings in order to fulfill your requirements for watering your fields". Other measures have also been put in place to make sure that the procedure runs smoothly and is as convenient as possible for the public.

Rajiv Nathwani, director of finance firm Quivira Capital, has backed the call for people outside India to be able to exchange their notes before they become worthless.

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