Demonetization: Banks and ATMs across India still facing severe cash shortages

 Imagine living in a world where you need cash to buy virtually everything — from food to clothes to a new home.  Yet you have no cash. The best you can do is stand in line at the bank for hours in the hope of withdrawing a small amount of paper money.  The unintended consequence has been a serious cash crunch shortage that’s caused upheaval across the land.  India, the world’s fastest growing economy, is stuck in neutral: Queuing in line for money has become a ritual. Wholesalers and retailers have stalled.  Everything, from real estate deals to weddings to surgery, is on hold.”

India Wants To Go Cashless. But It’s Easier Said Than Done

“Paper money is scarce as a result of a government edict. But a couple of major obstacles stand in the way of the cashless society.”
http://www.npr.org/sections/goatsandsoda/2016/12/21/506330351/india-wants-to-go-cashless-but-its-easier-said-than-done?utm_medium=RSS&utm_campaign=technology

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The policy-makers pushing a cashless society are “essentially putting the cart before the horse. The country needs to invest in its digital infrastructure before it pushes people to digital payments. The Pew Trust survey also found that just over a fifth of Indians have access to the internet, with many more men online than women. “If you think about the fact that women are … primarily responsible for making household purchases,” Chakrovorti says, “how can one expect digital payments to penetrate in a meaningful way when only 17 percent of women have access to the internet?

 

Demonetization: India’s Two Big Currency Withdrawal In Circulation Now Causing Panic and Confusion

Currency withdrawal: Reserve Bank throws CRR googly at banks, borrowers – The Indian Express

The Indian ExpressCurrency withdrawal: Reserve Bank throws CRR googly at banks, borrowersThe Indian ExpressCurrency withdrawal: Reserve Bank throws CRR googly at banks, borrowers. By making banks deposit Rs 3,24,000 crore with the Reserve Bank, the cost for banks on these deposits would be Rs 18,110 crore on an annual basis as this has to be paid to the …Feeling note squeeze, RBI relaxes withdrawal limit on deposits made in new currencyThe New Indian ExpressWhy RBI relaxed withdrawal limit for some? 5 points that explain the decisionIndia TodayDemonetisation: Why RBI’s new withdrawal rules lack logic and are discriminatoryFirstpostChandigarh Tribune -News18 -The Hinduall 278 news articles »

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Timeline: 20 days of demonetisation, Narendra Modi’s biggest gamble with the Indian economy – Quartz

LivemintTimeline: 20 days of demonetisation, Narendra Modi’s biggest gamble with the Indian economyQuartzTwenty days ago, on the evening of Nov. 08, prime minister Narendra Modi declared the Rs500 and Rs1,000 notes—India’s two big currency denominations that account for 86% of the money in circulation by value—invalid from midnight that day. Millions …Cash withdrawal and deposit rules as of 30 November – LivemintLivemintRBI eases withdrawal limits to spur deposits from retailersThe New Indian ExpressDemonetisation: RBI relaxes withdrawal norms, nudges retailers to deposit cashZee Newsall 20 news articles »

Currency withdrawal: 50% tax, 4-year lock-in for unaccounted deposits – The Indian Express

The Indian ExpressCurrency withdrawal: 50% tax, 4-year lock-in for unaccounted depositsThe Indian ExpressThe government proposes to introduce amendments to the Income Tax Act in Parliament next week that will enable it to take penal action against those who made unaccounted cash deposits of scrapped high-denomination currency notes after November 8.and more »