A study in December 2016 reported 40% and 32% job losses in the age groups of 40-55 and 22-30 years respectively during the first 50 days of demonetisation.
Most cashless modes saw growth spike in the immediate months after demonetisation but subsided in the following months.
Years of political instability and economic mismanagement under the rule of ZANU-PF have left Zimbabwe’s financial system in chaos.
He said the weak response from the government raises serious doubts about the scheme.
Small and medium sized businesses across the country report tumbling sales, undermining job creation and damaging sentiment in industries crucial to Modi’s political powerbase.
The RBI also kept the reverse repo rate unchanged at 5.75%.
The Goods and Services Tax (GST) is awfully complex and has confused not only businesses and the public, but also the government.
More than a fifth of large companies did not earn enough to pay interest on their loans and the pace of new loans fell to the lowest in more than six decades.
The process is “going on in full swing” with most RBI offices working in double shifts and with the help of high-end verification machines, the central bank said.
An RBI research paper revealed ‘unusual’ cash deposits totalling Rs 1.6-1.7 lakh crore during demonetisation.
SBI introduced a two-tier interest rate structure,cutting the rate for accounts with less than Rs. 1,00,00,000 to 3.5%, while those above it still net 4%..
Finance Minister Arun Jaitley said that these two reforms combined will “certainly lead to greater compliance, greater digitisation,” adding that “expansion of the tax base of direct and indirect taxes is already visible.”
The government has imposed the highest-ever GST rate in the world, said senior Congress leader Randeep Singh Surjewala.
Existing bank account holders have been asked to furnish the Aadhaar number issued by UIDAI by December 31, 2017, failing which the account will cease to be operational.
The clarification was issued after the apex court’s order was “studied” by a high-level team of authorities from various ministries.
As expected, the central bank struck a less hawkish tone in its policy statement released on Wednesday.
What analysts and investors are looking for this time is a less hawkish policy statement to reflect reduced fears of inflationary pressures.
Senior officials at several global funds that manage huge investments have stated that these problems could cause the destabilisation of the Indian economy.
Hanan Odah, a Palestine refugee is living proof that as large businesses collapse, small-scale enterprises can survive and even thrive in the grassroots markets.
New provisions were introduced in EPFO’s Citizens Charter 2017 in an attempt to bring transparency, accountability to make the organisation more efficient.
While the loans are costlier than those offered by banks, which charge around 12% on average, they are processed more quickly and require little paperwork.
IDBI, which is almost 74% owned by the Indian government, had a net bad loans ratio of 9.61% as of December and will be the first lender to come under the RBI’s central bank curbs.
Bankers and analysts said the changes to legislation did not do enough to resolve the complex insolvency process or a much-needed bank recapitalisation.
The markets argue that pursuing a specific 4% target takes away the flexibility needed in an economy that must grow by at least 8% to allow for full employment.
Thousands of ordinary Indians are investing in stocks for the first time, as a result of a drive by Prime Minister Modi to channel savings into stocks and mutual funds.
Multiple indicices show that the economy may not have recovered fully from the demonetisation move yet, indicated by slow rises in output and employment.
Originally a financial tool used for social good, microfinance is now increasingly used to generate money.
While the case may have been stalled due to political pressure, SEBI’s decision shows that Reliance should have acted in a more even-handed manner.
From mandatory Aadhaar and compromised tribunals to opaque political funding, this year’s Finance Bill has it all.
Radhakishan Damani’s retail chain gives its customers less, makes more than its rivals and just had a spectacular trading debut.
The costs that Ola and Uber inflict on the financial and physical health of their driver-owners, road space and safety and city transport infrastructure are too significant to be left to Silicon Valley-based venture capitalists.
Black money may be funnelled away in tax havens, but it is all controlled out of London, where Indian and other billionaires are happy to be based.