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TAKE A LOOK-India's ban on banknotes sparks a cash crunch
December 9, 2016 / 10:33 AM / a year ago

TAKE A LOOK-India's ban on banknotes sparks a cash crunch

Dec 9 (Reuters) - Indian prime minister Narendra Modi announced a shock move on Nov. 8 to ditch 500 and 1,000 rupee notes - worth a combined $256 billion - that he said were fuelling corruption, being forged and even paying for attacks by militants who target India.

The move has disrupted the daily lives of hundreds of millions of Indians who live in the cash economy that is estimated to account for a fifth of India’s $2 trillion gross domestic product, but economists and some businesses say it could ultimately help broaden the formal economy and improve tax compliance.

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LATEST NEWS >INSIGHT-Modi’s black money move kept a closely guarded secret >India’s demonetisation drive hitting budget preparation-officials >PREVIEW-India inflation likely cooled further after cash clampdown >India promotes digital transactions to encourage cashless economy

EARLIER NEWS >India unexpectedly keeps rate unchanged despite cash crunch >Indian banks got about $170 bln in old notes since demonetisation >Indian banks see lower lending rates even as cenbank stays pat >India cenbank says to withdraw temporary cash reserve ratio hike >Indian services activity plunges into contraction on cash crackdown >India’s Modi defends clampdown on cash economy >India raises market stabilisation bond issuance limit >POLL-India cbank seen cutting rates; demonetisation rattles economy >India cash crunch to ease by year end; no GST delay >Sales at India’s auto makers plunge as cash crunch grips country

>Indian economy racing before Modi removed oxygen of cash >India central bank eases cash balance requirements for banks >Chilled by demonetisation, India to take cold comfort from GDP >India launches tax evasion amnesty to target unaccounted cash >Indian banks received 8.45 trln rupees in demonetisation drive >Indian bonds, bank shares fall as RBI hikes cash reserve ratio >India’s cbank gov says cash reserve ratio hike only temporary >India’s cenbank takes surprise action to soak up liquidity >India’s Modi calls for move towards cashless society

>India may impose curbs on domestic gold holdings - NewsRise >India’s reform architect trashes PM Modi’s cash crackdown >India says to stop over the counter exchange of old currency notes

>India offers credit to support farmers hit by cash clampdowns >Moody’s says India’s demonetisation move has mixed impact >India doubles balance limit for digital wallets to help merchants >India may ease rules for cash withdrawals for weddings-official >Fitch retains ‘negative’ outlook for India’s banking sector >India allows 250,000 rupee wedding cash withdrawals after note ban >India cenbank eases bad loan rules for small borrowers >India cenbank says banks got 5.45 trln rupees of higher value notes

>India acts to help farmers hit by black money crackdown >India to use indelible ink to ensure people change cash only once >Cenbank sets up panel to oversee ATM recalibrations

>India raises cap on bank cash withdrawal to ease public anger

>Indian banks get $44 bln of old-currency notes in four days >Anger grows in India as banks struggle to swap banned notes >Indian diaspora caught out by surprise currency clampdown >India’s finance minister sees rise in tax collection >Banks call in police as people rush to ditch old banknotes >India’s shock bank note ban sparks cash chaos >Cbank chief sees no disruption with phasing out larger banknotes >India abolishes larger banknotes in fight against “black money”

VIEWS AND ANALYSIS >BREAKINGVIEWS-India’s central bank faces race against time

>BREAKINGVIEWS-South Korea can offer roadmap to cashless Asia >India’s domestic investors stock up despite shock from cash crunch

>Ban on rupee bank notes worries British Indians >Digital payment firms cash in on India’s money mess; can it last? >India’s rural economy hit hard as informal lending breaks down >Indian cash crunch hits gold demand during peak wedding season >BREAKINGVIEWS-Breakdown: India’s self-inflicted cash crunch >BREAKINGVIEWS - Trump crony capitalism jars with Modi’s India >Scrap gold supply to halve in India as cash crunch bites

>Cash crunch puts brake on India’s cotton exports; rivals to gain >Stranded trucks, unpaid workers: India counts cost of cash crunch >Cash crunch puts brake on India’s cotton exports; rivals to gain

>India bonds rally as bank note ban brings Dec rate cut into view >Cash crunch chokes off India palm oil imports >Indian farmers fear lost crops and income after ‘black money’ move >India’s gold traders on edge as Modi fights ‘black money’

>Modi’s cash crackdown hits Indian rivals’ election campaign coffers >BREAKINGVIEWS- Cash bet could make or break Modi >Action on banknotes provides a boon to struggling Indian lenders >While India plugs black money holes, Indians find leaks >India’s old banknote ban to disrupt gold smuggling business >BREAKINGVIEWS-Modi puts paper money where mouth is on corruption >Financial services cheer India’s shock bank note curbs >Economists see pain, then gain for India after bank note shock >FACTBOX-The mechanics of high-value banknote exchange programme >Government move will break backbone of traffickers - Satyarthi >EXPERT VIEWS-India abolishes larger banknotes in graft fight >Markets likely to welcome scrapping of larger banknotes: analysts (Compiled by Rafael Nam in MUMBAI)

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