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Note Ban: GDP may decline by 4 Percent!
By: Tupaki Desk | 28 Nov 2016 8:18 AM GMT
Artha Kranthi founder Anil Bokil who earlier advised PM Modi to implement his 5-point formula to wipe out black money slammed Centre once again for the poor implementation of Demonetization. 'Neither we disapprove not ban nor we support the decision of Centre. Had if Government supplied more currency of below Rs 50 denominations, This situation wouldn't have arised,' he commented.
To replace the old Rs 500 and Rs 1000 amounting to Rs 14.18 lakh crore, Reserve Bank of India needs at least six to seven months. So far, Only only 1.5 lakh crore of new currency was released by RBI.
Credit Suisse revealed 150 crore notes of Rs 2000 denomination were required to overcome the cash crunch. Or else, 2000 crore notes of new Rs 500 and Rs 1000 denominations should be printed.
ICICI Securities told RBI could bring the situation to normalcy by January next year if the printing capacity of new notes is increased to 150 percent. It mentioned that the demand for new currency would grow all the ATMs were upgraded. The Survey also pointed out a decline in Gross Domestic Product (GDP) by 4 percent.
To replace the old Rs 500 and Rs 1000 amounting to Rs 14.18 lakh crore, Reserve Bank of India needs at least six to seven months. So far, Only only 1.5 lakh crore of new currency was released by RBI.
Credit Suisse revealed 150 crore notes of Rs 2000 denomination were required to overcome the cash crunch. Or else, 2000 crore notes of new Rs 500 and Rs 1000 denominations should be printed.
ICICI Securities told RBI could bring the situation to normalcy by January next year if the printing capacity of new notes is increased to 150 percent. It mentioned that the demand for new currency would grow all the ATMs were upgraded. The Survey also pointed out a decline in Gross Domestic Product (GDP) by 4 percent.
