India’s economy expanded at 7.3% in the September quarter, the fastest rate among major economies, but growth could tank at least over the next few months because of the government’s demonetisation drive. The July-September growth rate announced on November 30 is higher than 7.1% registered in th…
Tag: Demonetisation
Demonetisation Effect | Microfinance firms stop lending in UP on loan waiver rumours
Mumbai: Microfinance companies such as Ujjivan have either stopped or slowed lending in pollbound Uttar Pradesh, saying local politicians are spreading rumours that the demonetisation drive is something like a farm loan waiver and people need not repay their loans. “We are not lending in UP till …
Demonetisation Effect | Why MSMEs don’t want to go cashless
Today, many MSME companies and workers are reluctant to receive payments through banks. It is important for the Government to consider the ground realities, understand the challenges and apprehensions of these employers and employees and address them appropriately. The only way the Government can…
Demonetisation Effect | Jewellery demand plunges 80%
Gold jewellery demand has fallen 80 per cent since demonetisation was announced on November 8 despite the on-going peak marriage season. The fall in demand comes even as gold prices in Mumbai dipped to Rs. 29,000 per 10 grams on Monday from Rs. 31,150 registered on November 10, the day after demo…
Demonetisation Effect | Fintech start-up Capital Float opens its coffers for small merchants
Amidst cash chaos and consequent surge in digital payment due to government’s demonetisation drive, a Bangalore based digital lending firm for small and medium enterprises (SMEs), Capital Float has decided to offer quick and easy loans to small merchants. The fintech startups has partnered with P…
Demonetisation Effect | Tech start-up Unocoin launches mobile app to buy & sell Bitcoin on the go
Amidst surge in digital transaction after Prime Minister Narendra Modi demonetisation drive, Bangalore based technology startup Unocoin which deals in bitcoin, has launched mobile app for both iOS and Android devices to help consumers buy, sell, send, receive and store bitcoin all in one place, f…
Pay 50% tax on unaccounted deposits, or 85% if caught: Govt
New Delhi: Providing a window to black money holders, the government on November 28 proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but a…
Jobs will be safe in MSME sector, govt assures workers
Lucknow: Government sought to soothe concerns of layoff in micro, small and medium enterprises (MSMEs) that employ 80 million people against the backdrop of demonetisation, saying the decision might cause initial problems but will not impact job scenario in the sector. “There can be initial…
Demonetisation | PM urges SMEs to embrace cashless mode to multiply turnover
In his first monthly radio address after demonetisation, Prime Minister Narendra Modi on November 27 urged small businesses and workers to embrace cashless transaction through mobile banking and plastic money. “I would like to tell our small and micro businesses to take up this opportunity …
Demonetisation | Impact assessment
India had its own 9/11, as it woke up to the demonetisation of high-value currency notes. It is arguably the boldest, newest, largest, riskiest and most influential reform since 1991. This exercise would cause inconvenience to everyone in the country in the short term but prove helpful in the med…