National Institute of Public Finance and Policy (NIPFP), a think tank affiliated with the finance ministry, has warned that the shock move to demonetise Rs 500 and Rs 1,000 currency notes could lead to “a contraction of economic activity in the economy” and social unrest. Prime Minister Narendra Modi’s decision to scrap high-value notes that accounted for 86% of the currency in circulation has triggered cash chaos. People have been […]

Post-demonetisation of high-value currency notes in India, Nepal Premier Pushpa Kamal Dahal `Prachanda` rang up Prime Minister Narendra Modi seeking an arrangement whereby Nepal residents holding a huge stock of the now-banned high denomination Indian rupee notes could swap them for legal tender. Local media in Nepal, too, had a field day following the Prachanda-Modi telephonic conversation earlier this week, alleging that the Maoist leader had more than Rs 1 […]

‘Ghar mein shaadi hai, paise nahin hai…’ Prime Minister Narendra Modi said at an event in Japan a day after announcing ‘demonetisation.’ So, what happens when there is a wedding at home and there is no money at home? If you are G Janardhan Reddy, you invite thousands of people, spend several crores, publicly display your opulence and laugh at the shaadi-but-no-money joke. And, if you are Jagdeesh Pawar, 50, […]

Setting the tone for BJP’s poll campaign in Uttar Pradesh, Prime Minister Narendra Modi on Monday addressed a rally at Ghazipur in the Uttar Pradesh “The state played a key role in giving us an absolute majority. I salute this land (Ghazipur) which gave birth to Vir Abdul Hamid, who taught Pakistan a lesson in 1965 war,” PM Modi said while addressing the rally. “I had come here in May […]

Thousands are queuing up outside banks and post offices across the country, exchanging their banned 500 and 1000 rupee notes for the newly introduced currency on Wednesday. But two days after Prime Minister Narendra Modi announced the demonetisation of high value notes as a move “to break the grip of corruption and black money,” questions are being raised on the rationale of introducing the Rs 2000 note besides pumping in […]