Discover and read the best of Twitter Threads about #Demonetisation

Most recents (24)

#BRILLIANT CHARTS showing India’s GDP Growth - A Notable #ACHIEVEMENT by #Modinomics

Let’s look at India's nominal GDP that matters to Households & Businesses

EXCLUDING government borrowing & spending) Indians Households & Business Experience ~ZERO GROWTH since 2014-22 Image
This contrasts with the period FY 2008-14 when non-government component of GDP accounted for 38% of nominal growth.

Economists believe these animal spirits to be a vital ingredient for high growth of #SMEs & #Businesses Image
But you might argue that lots of STARTUPS have created jobs and lots of govt data shows lots of New Business Registrations since 2017

BOTH ARE TRUE but

During these yrs #Farmers, #Unorganised Biz & #SMEs LOST a total of #45-60 MILLION JOBS. So 1-2 Million Startup jobs is a drop
Read 8 tweets
Referring to Supreme Court's January verdict upholding #DemonetisationDecision, Gujarat High Court's Justice Biren Vaishnav said:

"I don’t know if the question whether #Demonetisation achieved its objectives, is still answered (or whether they) have been achieved."
Justice Vaishnav was speaking at the inaugural session of the 2-day GNLU International Conference on Economic Analysis of Law, Governance and Public Policy, organised by the GNLU Centre for Law and Economics.

(Courtesy: The Indian Express Report)
On Jan 2, the #SupremeCourt's Constitution Bench upheld by a 4:1 majority, the decision taken by the Union Government six years ago to demonetize the currency notes of Rs. 500 and Rs.1000 denominations.

#Demonetisation
#SupremeCourtOfIndia
Read 5 tweets
2018: Supreme Court Judgement in #NewIndia

#RafaleFighterJet
2019: Supreme Court Judgement in #NewIndia

#BabriVerdict
2020: Supreme Court Judgement in #NewIndia

#PMCaresFund
Read 9 tweets
Five-judge Constitution bench of the #SupremeCourt to pronounce its verdict on 58 petitions challenging the Centre’s November 8, 2016 decision to demonetise currency notes of Rs 1,000 and Rs 500 denomination

Verdict at 10:30 am today #Demonetization
The constitution bench to assemble shortly now

#Demonetization
Justice Gavai: I express gratitude to be given the opportunity to author the judgment. Though initially 9 issues were framed, we have taken 6 questions.

#Demonetisation
Read 36 tweets
Earlier in August my top tweet was this:
and the cartoonist Satish Acharya (@satishacharya) was my top follower.
And in September, my top tweet was this:
Anf my top fpollower was Sumanth Raman, (@sumanthraman)
November 2022 saw the 6th anniversary of the Dreadful Distaster that was #DeMonetisation. I wrote this account of the evidence that it was a flawed move from the word go.
newslaundry.com/2022/11/08/dem…
Read 9 tweets
#SupremeCourt Constitution Bench led by Justice S Abdul Nazeer to continue hearing pleas challenging the 2016 demonetisation of Rs 500, 1000 currency notes.

#demonetisation #SupremeCourtOfIndia
Senior Advocate Shyam Divan begins his rejoinder submissions.

Divan: I am supplementing Mr (P) Chidambaram's submissions. Have to have regard to the entire scheme of the RBI Act. 26(2) is an administrative power in exercise of executive functions. Please read all provisos ...
Divan: ... together, but it does not need to be propelled. In 26(1) there are two distinct concepts, it says 'shall be legal tender'.

[Reads from pleadings]

#Demonetisation
Read 5 tweets
#SupremeCourt Constitution Bench led by Justice S Abdul Nazeer to continue hearing pleas challenging the 2016 demonetisation of 500, 1000 rupee notes.

#Constitution #demonetisation
Hearing starts.

Justice Nazeer: I think we should be able to finish today. Unless Mr (Jaideep) Gupta takes long or Mr (P) Chidambaram chooses to reply.

#Demonetisation
Gupta: Power was not unguided as RBI is the expert body here.

Justice Gavai: That is what the ld AG also said.

Gupta cites a judgment.

#Demonetisation
Read 72 tweets
[Demonetisation] #SupremeCourt will continue hearing arguments in a batch of pleas challenging the Central government's 2016 move that devalued ₹500 and ₹1,000 bank notes.

#SupremeCourtofIndia #Demonetisation
Attorney General for India R Venkataramani begins: I will run through my additional note of submissions.

#SupremeCourt #Demonetisation #SupremeCourtofIndia
Read 72 tweets
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
PUBLIC MEMORY ka CHANDRA GRAHAN : Episode 7 - News vs Noise | Godi Media vs Newspapers

Part 1/5

#kroordarshan #NewsvsNoise #GodiMedia #demonetisation #India #Gujarat #Modi #lunareclipse
Part 2/5

PUBLIC MEMORY ka CHANDRA GRAHAN : Episode 7 - News vs Noise | Godi Media vs Newspapers

#kroordarshan #NewsvsNoise #GodiMedia #demonetisation #India #Gujarat #Modi #lunareclipse
Part 3/5

PUBLIC MEMORY ka CHANDRA GRAHAN : Episode 7 - News vs Noise | Godi Media vs Newspapers

#kroordarshan #NewsvsNoise #GodiMedia #demonetisation #India #Gujarat #Modi #lunareclipse
Read 5 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
#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
#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

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