Discover and read the best of Twitter Threads about #DeMonetisation

Most recents (24)

I have one and only 1 test of the worth and credibility of any economist / adviser who pontificates on India.
"Did you support #Demonetisation or did you call it out for what it was?"
That separates darbari economists who serve themselves from honest advisers who serve India.
Here, in 3 pictures is one who fails my test.
Read 6 tweets
[Demonetisation] The Supreme Court will begin hearing arguments today in a batch of pleas challenging the Central government's 2016 demonetisation that devalued ₹500 and ₹1,000 bank notes.

Follow this thread for live updates

#SupremeCourt #SupremeCourtofIndia #Demonetisation
In its latest affidavit submitted to the top court, the Union Finance Ministry said that demonetisation was done in consultation with the Reserve Bank of India and subsequently ratified by Parliament.

Read more on the affidavit here:

#SupremeCourt

barandbench.com/news/litigatio…
Read 128 tweets
I predict the Supreme Court hearing on #DeMonetisation will go the usual way. The petitioners will present evidece of wrong doing. The Govt will state on oath that it acted lawfully and consulted everybody - @RBI, @FinMinIndia experts, No one can prove they didnt.
The Court will find for the Govt. "The petitioners failed to prove their case or disprove the Govt's claims. The Govt acted in good faith. The petitioners are habitual trouble makers who suffered loss due to #NoteBandi and are now seeking recompense. Case dismissed"
The best outcome the pertitioners can expect would be is their case was dismissed without costs being awarded against them or with a call for their arrest and persecution.
Read 4 tweets
A 🧵on the role of @RBI in the lead up to #DeMonetisation of Nov 8, 2016
based on publicly available information. I am neither a sleuth nor an investigative journalist. All I can do is apply common sense to available information.
The Government submitted an affidavit to SC.
A 5 judge bench was hearing a batch of apeals against the Govt's act of invalidation the country's currency on 8 Niv 2016.
See for details this report in @ndtv
I have not seen the full affidavit. An affidavit BTW is sworn testimony.
ndtv.com/india-news/dem…
We don't know who signed this affidavit. That's important. because if any part of it is untrue then he who signed it has committed perjury.
Anyway acc to news reports, the Govt had held "extensive consultation" with @RBI and "advance preparations" were made before #NoteBandi.
Read 20 tweets
JUST IN: #BNNIndia Reports.

The Supreme Court of India will hear petitions filed in 2016 against the demonetisation of Rs500 and Rs1000 bank notes today. #Demonetisation #Politics #Economy
A Constitution Bench comprises Justices S Abdul Nazeer, BR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna will examine if the issue is merely academic now.
On November 8th, 2016 the Union government issued a notification declaring that all ₹500 and ₹1000 notes were no longer legal and valid currency, and discontinued their circulation. This measure was called ‘demonetisation’
Read 4 tweets
#SupremeCourt Constitution Bench led by Justice S Abdul Nazeer to hear pleas challenging the 2016 demonetisation of 500, 1000 rupee notes.

Bench to decide whether an academic exercise to determine the move's validity is needed at this stage.

#Constitution #demonetisation
Solicitor General Tushar Mehta appears: As indicated by Your Lordships indicated, the questions of law might be academic. There might be some individuals issues. My suggestion is that they can be taken care of on admin side.

#SupremeCourt #Demonetisation
Read 111 tweets
8 Nov 2016: Mr. ND Modi, the Prime Minister of India announced #Demonetisation of Rs 500 and Rs 1000 banknotes

Main objective: To weed out black money from the system

Time-to-time, the goal post kept changing

Q. Did note-bandi hit any target?

▪For answer, read the thread👇
#Demonetisation Fighting Black Money

GOI: At least ₹3-4 lakh crore black money will get extinguished outside the banking system

RBI: Almost entire chunk of money that was invalidated came to the banking system(₹15.31 lakh cr out of ₹15.41 lakh cr returned to the system)
👇
#Demonetisation To Remove The Counterfeit Currency

As per the GOI data, a total of 2,017,427 pieces of fake notes seized across the country in various denominations:
8,34,947 in 2020
2,87,404 in 2019
2,57,243 in 2018
3,55,994 in 2017
2,81,839 in 2016
👇
m.economictimes.com/news/india/nea…
Read 8 tweets
When Rs 2,840,000,000—i.e. Rs 284 crore—is seized from one businessman’s house in the country’s biggest ever tax haul, can there be any confusion on who he is, and whose money it is? In “No.1 state” #UttarPradesh, anything is possible. A thread. #PiyushJain #ShikharPanMasala
2️⃣ Prime minister @narendramodi and UP chief minister @myogiadityanath blithely insinuate that the businessman #PiyushJain was a Samajwadi Party man—and that he was hoarding the cash for SP, the BJP’s arch rival, for use in the upcoming state election. #ShikharPanMasala
3️⃣ To be fair, when news of the raids in #Kanpur and #Kannauj was leaked on the night of December 24, Hindi newspapers @amarujala and @DainikBhaskar were quick to link #PiyushJain with ‘Samajwadi Itr’, a perfume developed for SP. Surprisingly, @JagranNews was more circumspect.
Read 11 tweets
[Thread 1/8]
Demonetization was the biggest demonization.

Modi’s claims v/s Facts:
• would end fake currency, have special security features.
• Tax growth, would boost economy.
• Cashless economy.
• would help controlling terrorism.
• would end corruption.
• Black money.
The seizure of fake currency notes increased 191% in 2020, according to data from the National Crime Records Bureau.

Rs 2,000 notes accounted for 53% of the total seizure by value, followed by Rs 1,000, at 35%.

Special security features was a evergreen joke.

2/8
Slowing Tax collection compared to the targeted Tax collection.

3/8
Read 8 tweets
#Demonetisation:What did the Stupidity Cost?

Today Monday it's the 5th anniversary of that day of monumental stupidity when banknotes were withdrawn from circulation. It was Modi’s stupidity!Who can forget that day?
According to a 2011 Pew Research Survey,95% of Americans
1/15
2/15
95% of Americans born in 1955 or earlier said they could recall exactly where they were or what they were doing when Kennedy was killed.The sheer trauma of the event etches the day vividly in our memories.Indira Gandhi’s assassination on October31, 1984 was yet another day.
3/15
Most of us who were alive then can recall small details of that day.Even now I can recall every incident and conversation of that day.The demonetization of November8 2016 has become another day similarly etched in most minds.

I was entertaining some friends at home
Read 30 tweets
It will soon be the 5 year anniversary of #DeMon. Modi WhatsApp University's greatest messaging triumph is that India is still in denial about what a stupid, selfish, and destructive move that was. People were robbed of their own money for months and they barely protested.
And BTW, I don't say this in an abstract academic sense. I was personally impacted. Had to handle a family emergency situation involving a death across 2 continents and 5 cities, while having to fly to Bombay overnight a few weeks after #DeMon. It was so bizarre and rough!
It's the first time I sang that line truly meaning it - "Aye Dil hai mushkil jeena yahaan". For the first time in my living memory, India had gotten harder than easier. And it was just the start.

After that, every trip, India gets harder than easier.

But that's fascism for you.
Read 14 tweets
Chronic Chronology since 2014 LS Polls:-Success Formula & Political Espionage’s r the Key Factor to diminish One & Inflated another. One’PK’made Big & Sent Out made to Accept as the Top Strategists,wt an agenda to Eliminate Congress,Meticulously executed. Who is the HERO? #2024?
My understanding of Indian Politics since 1989 as a @nsui Ldr till date almost 30yrs @RahulGandhi had lost the game before the elections in 2019! Pl recap what all burning issues during 2018 #Demonetisation #GST #TripleTalaq #Article370 #CAA #NRC #PriceRise Etc.Still @RSSorg WON.
Post 2019 WIN the Arrogance of Power which was at its Peak for Ruling BJP as they Bull Dozed everything & anything which the Govt felt they are Right as instructed by RW Bosses. Meanwhile their Nominee & chela was given the Task to ensure BJP is made the Formidable Opposition.
Read 5 tweets
Reflecting on the last 7 years I am not sure whether to laugh or cry at the choices we have made and the situation that we have put ourselves into....

- We chose as our Prime Minister a person who stood as 3000 people were butchered under his watch.
#MautKaSaudagar
1/9
- We chose a man who was banned by the court of law to enter a state, to be in charge of home security of our entire country

- We chose a Mahant, who is supposed to have given up on all Moh Maya, to lead one of the largest States of the country.
#Tadeepar
#YogiNahiBhogi
2/9
- We chose a terror accused to represent us in the Parliament

- We danced with joy when our money was taken away from us and stood in long queues to collect our own hard earned money thinking of the soldiers standing at Siachen.
#DeMonetisation
3/9
Read 9 tweets
The amazing rise—and the even more amazing fall—of #Zee founder @subhashchandra, the Haryanvi rice supplier who turned India’s first satellite TV broadcaster into a rabid “fabricator of consent” for the great cause, bit off more than his due, and found himself abandoned. (1/9)
January 2016: Narendra Modi launches @subhashchandra’s candid biography ‘The Z Factor: My Journey As The Wrong Man at the Right Time’ at the PM’s official 7, Race Course Road residence, in the presence of three cabinet ministers: tinyurl.com/96praj3s (2/9)
June 2016: “Independent” candidate @subhashchandra elected to Rajya Sabha with BJP support from Haryana, after 14 Congress votes are rejected. 12 of the Congress votes were declared invalid due to use of “wrong type of ink”. (3/9) tinyurl.com/nce99f74
Read 9 tweets
#eRUPI #UPI Vouchers for benefits is a radical departure from #DBT. Purpose and person aware #G2P payments are here. #SaveOurPrivacy
en.m.wikipedia.org/wiki/Ration_st… is digitized food stamps, but crucial digitization difference is it converts a bearer instrument like stamp / coupon into a person / purpose specific instrument, embedding automatic data emission about beneficiary upon use.
The naming of this is curious. When countries around the world are discussing #CBDC / issuing new digital currency, naming a private payment instrument #eRUPI is sign of things to come (?). One can only speculate at the moment.
Read 17 tweets
This is a thread on #VaccineJumla based on my personal experience! I wish @thecaravanindia or @thewire_in or @thenewsminute do a thorough write up. Here's my story. First, it's a big racket of commercial greed created by the inefficient Modi govt. Vaccine shortage is created! 1/n
I started this process on June 21 while I was in Trichur. We had 5 candidates who needed 2nd dose. My mother, wife & my in laws & myself. I'm an above average tech savvy guy. I tried 4 a week on the Cowin portal & that fraud Arogya Setu app out of desperation. No luck at all. 2/n
I had taken my 1st dose, along with the same group via a private clinic in Trichur. Even they said, they're unable to get vaccines. I had consulted many "experts" who suggested using Telegram, KPolice website etc. I even tried Primary Health Centers. Still no slots 4 2nd dose 3/n
Read 11 tweets
A thread.
After the #PunjabFarmers protesting at the #ModiGovt's AgriMarket bills complained that the mainstream media TV were either ignoring them or mischievously showing them in a bad light, lets look at how the World's press is reporting it.
Londo's @guardian first. On 30 Nov they carried this big story:
The story reported:
Read 14 tweets


I am just going to add this to the list of Gaslighting by PM Modi.

#DeMonetisation was a confirmed disaster. This has been repeatedly verified statistically by economists.


Been awhile so I figured I would add this to the list of modern lies aka gaslighting from the last 2 years by the Prime Minister.

Prime Minister Modi's recent gaslighting saga regarding the prices offered to farmers in Kerala explained in a pretty sensible thread.
Read 7 tweets
I don't know why People (incl RWs) blame #NirmalaSitharaman so much for Economic slowdown & mock her continuously.
IMO, it's the policy failures in the first term of Modi Govt which is responsible for slowdown & not #NirmalaSitharaman .
I will explain why.
(1/n)
Contrary to general perception of layman that #DeMonetisation & #GST are responsible for slowdown, I feel there are other policy failures more responsible -
1. Delayed Payments to Industry by Govt Depts & PSUs. When govt itself never follows payment discipline, how....
(2/n)
.. how can we expect Payment discipline in Private Sector? According to one estimate, Govt owed more than 5 lac cr to MSMEs alone. Nirmala had nudged Govt Depts for faster clearances last year. I don't know it's current status tbh.
(3/n)
financialexpress.com/industry/sme/d…
Read 21 tweets
I hope all Bhakt youngsters who are agitated over #pubgban realise that a 4 hour notice of #lockdown left lakhs of poor on the roads, /1
a 4 hour notice of #Demonetisation left lakhs of small businessmen begging in banks for depositing & then withdrawing their own hard-earned money./2
Modi has used this shock and awe policy to leave #Kashmir in seige & let #Kashmiris bleed.
His "suddennness" of Demonetisation left the economy in shambles far before covid hit our country. /3
Read 5 tweets
#India's economic collapse is neither unique nor irreversible. But it is both steep and deeply damaging to the prospects for India's struggling citizens, esp the unskilled, the poor and the rural. It is almost certainly due to the Coronavirus epidemic and the #lockdown. Image
But the lacklustre performance in previous quarters going back a few years now, especially since #DeMonetisation, the failure to implement sound policies and tough reforms when the going was easier means there is hardly a cushion for comfort.
Apolgists like @sgurumurthy are right that other countries too are affected, But unlike other countries that can start the recovery process because the worst of the #Coronavirus epidemic is behind them, #India's epidemic is still growing strongly. Image
Read 3 tweets
ONE year since #ArunJaitley Ji left us. How I wish we could have witnessed his eloquence in Article 370 & Ram Mandir? I grew up listening to his speeches & reading his wonderful writings. I'm sure he's out there showering his blessings to PM @narendramodi on all his endeavours. Image
Millions would have had the delight of reading @arunjaitley's blogs on current affairs. I'd the special privilege of translating his important blogs to #Tamil to take the message to the Tamils. It was a delight writing his blogs in Tamil. Sharing some of his exceptional writings.
Blog "The Compulsive Contrarian and his Manufactured Logic" was written by @arunjaitley sometime in January 2019. I thoroughly enjoyed writing this in Tamil.

நிர்பந்திக்கப்பட்ட முரண்பாட்டாளர்களும் - அவர்கள் உற்பத்தி செய்யும் பொய்மைகளும்! - அருண் ஜெட்லி

suryah.in/jaitley-blog-o…
Read 9 tweets
#Sensex@36000+ for 1st time since 11thMarch

Rupee/$ 75.01,best since 27th March

#BajajAuto sales@2.78Lakh units, for June,up 119% MoM

#GST revenues for June,90917Cr

#AxisBank to raise $2bn from PEs

RBI commences 30000Cr special liquidity scheme for NBFCs&HFCs
#GreenShoots
#HeroMotoCorp,world's largest wheeler company,sold 4.5 lakh units in June 2020

This is a massive 302% growth over 1.12 lakh units,despatched in May 2020

This stellar performance came,in midst of a raging pandemic

Leftists& #Twitternomists, quiet😑

#GreenShoots #Modinomics💪
#UPI transactions in June hit all time high of 1.34 billion in terms of volume,Vs 1.23 bn in May2020

Value of June transactions was Rs 2.62 lakhCr,as per #NPCI data,Vs 2.18 lakh Cr in May

Huge surge in UPI trades,big vindication of #Demonetisation& #DigitalIndia

#GreenShoots
Read 5 tweets

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