Discover and read the best of Twitter Threads about #demonetization

Most recents (24)

#FlashBack Thread.

17th May 2004 - #BlackMonday LowerCircuit Day.

Started learning Technicals from @nsfidai just a week or two before this event.

Remember him and his friend discussing how markets are heading lower irrespective of results.

Let's see what happened.
#IndianElections & the Impact.

#Nifty fell almost 20% in a single day. Closed 12-13 % lower.

Down 32% from April to May. Peak to Bottom.

On Close 24% fall.

#BJP lost elections.

Remember the "India is Shining " Campaign.

Learnt Lower Top Lower Bottom Pattern ImageImage
#Global Impact of Indian Elections.

#US Markets fell by 6-7% in April-May 2004.

Was down 1% on 17th May 2004. Image
Read 11 tweets
Independent India has always been a vibrant democracy, except for the #Emergency years of #IndiraGandhi from 1975-77. That it has taken a decisive turn to religious majoritarianism under the #BJP and under #Modi since 2014 doesn't change that fact. (1/)
Democracy is not necessarily congruent with liberal values or even human rights. #Slavery was legal both in the democracy of Great Britain as well as the USA for almost a hundred years since the US' formation. Even a White woman was not considered equal to a man in America. (2/)
#Blacks in the #US did not have equal rights even after the abolition of slavery for another 100 years under #Lincoln, but we still think of the US in #1960 as a democracy.

Read 35 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.

Read 5 tweets
#Demonetization took place in India about 6 years ago. Within a few weeks, India's biggest trader of fake currency, Javed Khadani committed suicide in Karachi. According to the unconfirmed report, he had India's goods worth 40000 crores and all that became garbage. Property worth
billions ruined in Pakistan. The goods of making fake rupees worth billions of rupees were destroyed in Pakistan. Pakistan Army, running Pakistan's ISI and printing industry, has gone bankrupt. Pakistan is craving for flour and pulses just within 7 years of this demonetization in
India. You can connect some dots here too. Meaning that a large portion of Pakistan's economy was India's fake currency. Neither there was any industry then and there is none now. Sycophants in India were saying 6 years ago
“Demonetization will destroy the country.” But they did
Read 4 tweets
Constitution Bench headed by Justice S Abdul Nazeer delivers a majority (4:1) judgement upholding central Govt’s 2016 demonetisation

Important observations:
-reasonable nexus between the purpose to be achieved & the limitations on the constitutional rights
(1/5) #Demonetization
- RBI does not have independent power to bring in demonetisation
- provisions of Sub section 3 and 4 cannot be referred to in isolation (referring to point above)
- power under Section 26 (2) of the RBI Act cannot be said to be utilised for only a particular series of bank notes
- The notification issued by the Government thus satisfies the test of proportionality and the time period provided for exchange of currency cannot be said to be unreasonable.
- Court cannot supplant the wisdom of executive with its wisdom. #Demonetization
Read 5 tweets
Demonetisation unlawful; RBI did not apply mind, consider hardships to people: Justice BV Nagarathna dissents

report by @DebayonRoy

#Demonetization #SupremeCourtOfIndia…
Since Rs 2,000 note was also released thereafter it can be seen that the object which Centre sought to achieve through Demonitisation may not have been achieved at all: Justice BV Nagarathna
Parliament cannot be left aloof on such important decisions: Justice BV Nagarathna

#Demonetization #SupremeCourtOfIndia
Read 3 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

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.

Read 36 tweets
@Rajeev_GoI @narendramodi 1/n
#Challenge every single individual, Party, association, group or influencers to debate on benefits of #Demonetization
#Agenda points for the debate could be as follows
A.Short term Purpose
B.Long term Purpose
C.Short term Benefits
D.Long term Benefits
@Rajeev_GoI @narendramodi 2/n
E.Side effects & yet to achieve targets

Short term purpose of #Demonetization & #Digitalization
a-To identify Persons, Organizations, NGO’s hoarding #BlackMoney
b-To bring terror funding under Government radar
c-To identify shell companies dealing in #BlackMoney
@Rajeev_GoI @narendramodi 3/n
d-Identify Government scheme money leaks
e-Identify foreign funding

Long term purpose of #Demonetization & #Digitalization
a-To reduce the gap between rich & poor
b-To arrest funds leak
c-To discourage #BlackMoney and encourage white money
d-Balance the tax structure
Read 23 tweets
I was reporting live from the ground when #Demonetization was implemented. The news channel I was with cut me off several times because I was talking to ppl who were criticizing the govt, narrating their own stories of how it has adversely impacted them.
After several such cases, I was told to only take people who were in favour of #Demonetization. When I protested and refused, I was told that the critics don't have the understanding that this is for the long-term good. And I should not enable them in demoralising others.
So 6 years later, I ask the govt and its cheerleaders in the media-what was exactly the 'long-term' good of #demonetization for the country.
Read 3 tweets
"If the bill is passed in both the houses, customers will have the option to choose the supplier of electricity just like one can choose for telephone, mobile and internet services.."

#electricitybill 1/n
#electricitybill 2/n

சுருக்கமா சொல்லனும்னா மின்சாரம் தனியாருக்கு போக போவுது.

இதை எப்படி ஆரம்பிப்பாங்கன்னு தெரியும்தானே?

நிறைய தனியார் வருவாங்க. போட்டி போடுவாங்க. மக்களுக்கு குறைந்த விலையில் மின்சாரம் கிடைக்கும்னு சொல்லுவாங்க.

தனியார் நிறுவனங்கள் ஏமாளிகளா?
#electricitybill 3/n

எல்லா தனியாரும் அவனுக்கு லாபம் வராணும்னுதான் பாப்பான்.

ஒன்னா உக்காந்து பேசி எல்லாருக்கும் லாபம் வர்ற மாதிரி பாத்துக்குவான். இல்ல யாரு பெரிசா இருக்கானோ அவன் எல்லார்ட்டையும் இருந்து அடிச்சு புடுங்கிருவான்.
Read 8 tweets
Discussion on #pricerise starts in #LokSabha with Manish Tewari, INC speaking:
- In last 8 yrs, 5 economic values (savings, investment, production, consumption, employment) have degraded
- 23 crore have slid back into poverty
- 77% of country's wealth concentrated in 1% people
Tewari on #PriceRise:
- 100-166 billionaires in country, but poor people suffering
- started due to BJP's #demonetization
- then #GST imposition made MSMEs suffer, still not recovered
- 10.6 lakh crore money outstanding in this sector
- 8& #unemployment in 2022
Tewari on #PriceRise:
- #MNREGA was called 'gaddha khodne wali scheme' by NDA, now keeping families alive
- Instead of filling money in common peoples pockets, in 2014-2022 4.32 lakh crore concession given to businesses
- Why imposing #GST on cremation sites? How is this justice?
Read 40 tweets
#8YearsofModiGovt : India is in a state of 'policy stasis'

⛳️The government’s policy to control inflation is wobbly and jerky, it is raising export duties, and reducing import duties

⛳️The economic populism of #AatmanirbharBharat has dragged India into a quagmire

⛳️Tariffs were raised and imports banned in the name of #AatmanirbharBharat

⛳️The government has banned the export of wheat despite India carrying large surplus stocks

⛳️The government is now running one of the largest fiscal deficits in India’s history

⛳️Wholesale inflation is at its worst in 30 years

⛳️Consumer inflation is well above tolerable limits, and is likely to stay there for many months

⛳️Foreign portfolio investors have withdrawn their investments in droves

⛳️India’s foreign exchange reserves are dwindling

Read 7 tweets
Five years since #demonetization. I was reporting the fallout from Uttar Pradesh. I met truck drivers who hadn’t eaten in days, retailers who were operating on goodwill alone and small businesses that had no choice but to shut down. Mr. Modi has still not said what it was all for
The economies of small towns in UP, like the Cermamic industry in Khurja or the bangle makers of Firozabad, suffered a body blow. I know many who have not been able to get back up.
I found that the biggest losers of Modi’s ill-thought misadventure was the unorganized sector. The lives of daily wage earners in cities like Noida and Ghaziabad (who survived solely on cash) were wrecked. They got pushed further down the poverty ladder.
Read 5 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
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.
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
This was a lot of fun. Always enjoyed learning from @deepakabbot - this was quite insightful and my homie @MotwaniSuhas did a great job with the moderation. Could have been an hour or two longer and I’d still be curious and entertained.
I have some raw and unfiltered notes from the session. Drop me a DM if you want to have a look.
Quick tip: Surround yourself with smart and helpful friends.

@SparklinGuy recommended that I make a thread out of @deepakabbot 's webinar that was moderate by @MotwaniSuhas ( Shoutout to @BlumeVentures for organising )

My homie @rjtnndn cleaned up my notes. So here goes:
Read 28 tweets
as long as corona virus doesn't cross throat it isn't serious

once it infects lungs, most (except children, pregnant women) develop cytokine storm immune reaction

Old, sick people will suffer. Need lots of Oxygen (ventilators & emergency care etc)

Hope govt paying oxygen bills

This is doctors in America trying to learn from experience of Italy


This will impact old people, sick/immune compromised people & vulnerable people without access to medical care

Only preventive option is SOCIAL DISTANCING

Read 36 tweets
1/ In the latest issue of the Journal of Economic Perspectives, @AmartyaLahiri has one of the most comprehensive assessments of #demonetization I have seen to date. The piece is ungated and can be found here:…
2/ The bulk of the piece focuses on whether demonetization achieved its three stated goals:

1) Seizing the black wealth created through undeclared income

2) Increasing the tax base

3) digitizing the economy & reducing the reliance on cash

Lahiri analyzes all three.
3/ Because 99% of the currency was returned, we know that the direct method of capturing unaccounted wealth did not work. When it comes to indirect methods (tax), neither demonetization nor GST pushed the indirect tax/GDP ratio off its recent trend path.
Read 11 tweets
Over 94% poll takers believe that local business are getting effected by #InternetShutdowns.
#InternetShutdown means that no small #onlinebusiness can effectively function to use online payment gateways like @GooglePay, @Paytm, @NPCI_BHIM to accept payments especially after #demonetization or to operate via social media channels like @instagram for publicity & orders.
#Kashmir has lost some Rs 1.78 lakh crore ($25 billion) in economic output in the five months since August 2019. This is 11% of the erstwhile state’s nominal gross state domestic product (GSDP) of Rs 1.59 lakh crore for 2018-19. @qzindia…
Read 6 tweets
Putting 12 stage roadmap to cashless economy presented in mid 2015 in #ThanjavurKalvettu
More, this one on #FASTag . In 2015, FASTag + EWB integration was 'imagined'. I will leave it to you on who is ruling the country.

As for their execution skills, we all no better now.
This is awesome. VoterID linking with #Aadhaar was too imagined in the book
Read 18 tweets
Day 18 of #ParliamentWinterSession

The #CitizenshipAmendmentBill listed for discussion, passage in #RajyaSabha today

But RS has had a stormy start of the day and is currently adjourned till 12pm due to protests by MPs- on states not being paid #GST compensation!

#RajyaSabha starts debate on #CitizenshipAmendmentBill2019

Sukhendu Shekhar Roy, TMC raises objection to discussion and wants it to be adjourned as intent of Bill is to provide protection to those fleeing from religious persecution, but same not mentioned in Bill at all.
But Chair states that he has perused the Bill and it is order and discussion starts

Amit Shah, Home Minister starts his speech on #CitizenshipAmendmentBill2019

It was expected that minorities in Pakistan and India will be protected, but same didnt happen

Read 112 tweets
These 2 brilliant Tweets reveal how V as a Nation are being taken 4 a ride.The whole world realizes that the megalomaniac craves awards & will compromise National Interests 4 some fancy titles.How he earned these ? #Demonetization #Pulwama #Sensex #RBILoot #economy
The 2nd pic from @free_thinker tells us how people realised Indian naivete as a huge potential market for Right Wing idiocy. And people are making money. The same way, trade pacts are signed by sweet award deals. Here's the list. Think how worthy are they versus our Nation's good
No jury!
Read 10 tweets
டீமானடைசேஷன் என்பது தோல்வி (failure) அல்ல, பெருந்தோல்வி(fiasco). இதிலிருந்து நாம் கற்றுக்கொள்ள வேண்டிய பாடங்கள் சில உள்ளது. குறிப்பாக ஐடியில் வேலை செய்யும் இளைஞர்கள்.

1) அமர்த்தியா சென், மன்மோகன் சிங், ப.சிதம்பரம் ஆகியோர் தான் பொருளாதார நிபுணர்கள். ஆர்.ஜே.பாலாஜியும்,
ஜெயமோகனும், அவர்களைப் போன்றவர்களும் வெறும் ஜால்ரா நிபுணர்கள்.

2) ஃபோட்டோஷாப்பில் எல்லாமே அழகாகத் தெரியும். ஆனால் அது குஜராத்தா, சைனாவா என ஒரு நொடி இணையத்தில் சரிபார்த்து நண்பர்களிடையே பரப்பினால் வீட்டுக்கும், நாட்டுக்கும் நல்லது.

3) வளர்ச்சி என்பதும், முன்னேற்றம் என்பதும்
மந்திரத்தில் காய்க்கும் மாங்காய்கள் அல்ல. எல்லாம் இப்போதே, உடனே நடக்கவேண்டும் என்ற பேராசையில் ஆசைகாட்டி மயக்கும் மந்திரவாதிகளை ஆதரித்தால் வளர்ச்சி மைனஸில் போய் நிற்கும். இருப்பதும் பிடிங்கப்படும்.

4) மதம் என்பது வீட்டின் பூஜையறையில் இருக்கவேண்டியது. அதை தூக்கி
Read 7 tweets
On the two year anniversary of #Demonetization, there is nothing new to say, except that it continues to be the disaster on a mammoth scale we all predicted, with long-term effects and a major slowdown of economic growth. #DemonetisationDisaster 1/n
My first column from Nov 2016 on the faulty assumptions made by the government, fundamentally equating cash with black money - a terrible mistake in a country like India that runs on cash and has a huge informal sector mostly affecting the poor. 2/n…
My second piece from Nov 2016, co-written with @lawrencehwhite1 on some of the seigniorage effects of demonetization and the one-time wealth transfer to the government, and also the lesser known and discussed Cantillon effects from the non-uniform injection of the new notes. 3/n
Read 8 tweets
RBI has come with an excellent paper on the benefits of #Demonetisation - with undeniable facts and data and not rhetoric that has been offered by newly minted economists or stale shayari from the Congress stable. Consider some facts in next few tweets.1/10
Currency in circulation (CIC): CIC was down by 8% Y-o-Y as against 17.2% rise in previous year. So as of 27th Oct 2017, CIC was around 91% of pre-demonetization levels and actually 81% if same growth rate had continued in absence of demonetization. 2/10
Currency in circulation as proportion of broad money (M3) fell to 12.3% on 13th Oct 2017 as compared to 14.4% on 11th Nov 2016. The conclusions in RBI paper are thus significant. 3/10
Read 11 tweets

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