Money is making Election 2019 go around. Currency with the public totalled Rs. 20.64 trillion on March 15, five days after the elections were announced. This compared with Rs. 12.48 trillion on March 7, 2014, two days after the previous Lok Sabha election was announced. Where is the less-cash economy that demonetisation was supposed to…
Chaitanya Kalbag, Contributing writer Every Indian bank note carries two reassuring messages: “Guaranteed by the central government,” and above the signature of the governor of the Reserve Bank of India, the words: “I promise to pay the bearer the sum of … rupees.” At midnight on Nov. 8, Indian Prime Minister Narendra Modi used…
Modi’s war on black money has hit India’s economy. Is the price worth paying? Chaitanya Kalbag, Contributing writer One month after Indian Prime Minister Narendra Modi announced the demonetization of 500 and 1,000-rupee banknotes in his battle against black money, policymakers in New Delhi are finally starting to acknowledge that the shock move has caused…