SEAnews 2017-01-30 ArtNo.45892

【Hyderabad】Duvvuri Subbarao, former governor of the Reserve Bank of India, has described demonetisation as creative disruption that attempted to destroy black money, which is a destructive creation.
　Addressing the ‘International Conference on Distributed Computing and Networking’ here on Thursday (05-01-17), he said that the November 8 move to demonetise 86 per cent of the currency was “arguably the most disruptive policy innovation in the country after the economic reforms in 1991.” Stating that the cost-benefit exercise of demonetisation was contentious, he said the move has led to a flurry of innovations, including digitisation of payments.
　RBI Governor Urjit Patel, who appeared before the Public Accounts Committee looking into demonetisation and its impact on monetary policy, told the panel that the country’s infrastructure is not ready for a cashless economy.
He assured the panel that the RBI is working out ways to reduce transaction costs involved in digital payments.
○Prez: Note ban will lead to temporary slowdown

【New Delhi】President Pranab Mukherjee on Thursday issued a note of caution that the Narendra Modi government's demonetisation decision could likely lead to a temporary slowdown in the economy and hurt the poor.
　The President called for policymaking that would reduce the suffering of the poor, and seemed to question the focus shift in the government's poverty alleviation programmes and policies from an entitlement-based approach to an entrepreneurial one. Mukherjee said he was "not too sure the poor could wait that long" to endure the gestation involved in the transition.
○Demonetisation will not trace corrupt money: French Nobel laureate Jean Tirole

【Kolkata】French Nobel laureate Jean Tirole on Thursday (05-01-17) said demonetisation “can’t catch much of corrupt money” although it will make corruption more difficult in the future.
　“You cannot get the corrupt money right away because the money has already been invested in real estate, gold and other things,” the economist said at a lecture organised by Presidency University. “It will make future corruption more difficult,” he said, when asked on demonetisation. Cashless economy, according to him “is a good thing” but “it has to be ensured that poor people who are most dependent on cash do not suffer.” Expanding on demonetisation, Tirole referred to similar attempts in Scandinavian countries but cautioned that situation in India is different. “Denmark and Sweden are trying to get rid of cash because it is more convenient. In India, the reason is to get rid of corruption,” he said.
【News source】

Demonetisation, a creative disruption: Subbarao

System not yet ready for cashless economy, RBI Governor tells PAC

Note ban will lead to temporary slowdown, says Prez Pranab Mukherjee

Demonetisation will not trace corrupt money: French Nobel laureate Jean Tirole

○One world：
The aim of SEAnews

The aim of SEAnews is to realize one world that overcomes race / religion / ideological differences.

◆Recruitment of Ad-SEAnews Canvassers

Your Comments / Unsubscribe

SEAnews Messenger

SEAnewsFacebook

SEAnewsGoogle

SEAnews eBookstore

SEAnews eBookstore(GoogleJ)

SEAnews world circulation