Modi

India’s Modi Defends Clampdown on Cash Economy

NEW DELHI, Dec 3 – Indian Prime Minister Narendra Modi on Saturday defended his crackdown on the cash economy that has left businesses, farmers and families suffering, saying it was necessary to keep inflation in check and ensure basic amenities for all. Modi’s decision last month to scrap 500 rupee and 1,000 rupee banknotes as

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The Men Behind Modi’s Demonetization Policy

By Arfa Shahid India made a major economic move by demonetizing 500 and 1,000 Rupee notes and introducing a new 2,000 Rupee note, but what many don’t know is that this policy was created and presented to Indian Prime Minister Narendra Modi by Arthakranti Sansthan, an NGO, founded by social activist and mechanical engineer Anil Bokil.

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Narendra Modi’s Black Money Move

Could India’s demonetization cause more harm than good? By Jyoti Malhotra India is either in the throes of a man-made cash crisis or on the verge of a new economic dawn. Depending on whom you speak to in the days following Prime Minister Narendra Modi’s decision on November 8 to demonetize the Rs 500 and Rs

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India Allows 250,000 Rupee Wedding Cash Withdrawals After Notes Ban

MUMBAI, Nov 21 – India’s central bank said on Monday that people can withdraw up to 250,000 rupees ($3,670) for wedding related expenses, provided they submit adequate proof and the wedding is on or before Dec. 30. The cash withdrawals will be allowed out of the balance in the account as of close of business

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Stranded Trucks, Unpaid Workers: India Inc Counts Cost of Cash Crunch

By Suvashree Choudhury and Rajesh Kumar Singh MUMBAI/NEW DELHI, Nov 21 – Like millions of Indians fed up with corruption and counterfeiting, Vimal Somani cheered Prime Minister Narendra Modi’s shock move to replace all high-value banknotes. Two weeks on, his business is being hammered by the ensuing cash crunch. Sales at Somani’s aluminium foil maker,

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India’s Move to Curb Black Money a ‘Disaster’ for Rural Women, Activists Say

By Rina Chandran MUMBAI, Nov 20 – India‘s move to withdraw high-value rupee bills from circulation to crack down on corruption and counterfeit currency has hurt rural women particularly hard, as most of them are outside the banking system, activists said. The shock currency move cancelling 500- and 1,000-rupee ($14.6) notes from circulation overnight, announced

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India Rail Crash Toll Hits 146, Survivor Search Called Off

By Jitendra Prakash and Rupam Jain PUKHRAYAN, India/NEW DELHI, Nov 21  – Indian rescuers on Monday called off a search of the mangled carriages of a derailed train after pulling more bodies from the wreckage, taking to at least 146 the number of passengers killed in the disaster. Sunday’s derailment in the northern state of

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Modi’s Cash Crackdown Hits Indian Rivals’ Election Campaign Coffers

By Rupam Jain and Tommy Wilkes NEW DELHI, Nov 17  – Indian Prime Minister Narendra Modi’s shock ban on high-value banknotes will hit the war chests of his rivals before a key state election next year, sparking accusations that his strike against “black cash” will unfairly boost his party’s chances. That is despite widespread anger

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India’s Gold Traders on Edge as Modi Fights ‘Black Money’

By Neha Dasgupta and Swati Verma NEW DELHI/BENGALURU, Nov 16  – Some Indian gold traders are placing bulk, short-term import orders on fears that Prime Minister Narendra Modi might soon add curbs on overseas purchases of the metal to his withdrawal of high-denomination banknotes in his fight against ‘black money’, traders and jewellers said. India

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India Raises Cap on Bank Cash Withdrawal to Ease Public Anger

(REUTERS) India announced new measures on Monday, November 14, to ease the cash crunch faced by millions after the government’s decision last week to abolish large denomination notes to try and uncover billions of dollars in undeclared wealth. The government will install new micro cash machines across the country and has asked banks to waive

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