RBI Governor Must Resign: Bankers’ Confederation on Demonetisation
Purging the poor - Demonetization and its consequences by Mukul Kesavan
Some of the discussion about demonetization has centred on whether it will achieve its principal object in the long term. Will it curb tax evasion, shrink the black economy, squeeze funding for criminals and terrorists? What is the collateral damage caused by the move: is the cost of demonetization worth the inconvenience and pain that it will inflict upon the poor and the shock it administers to the economy in general. Was the sweep and suddenness of the move the best or only way to achieve demonetization's objects? The unspoken question behind nearly every consideration of demonetization is this: is demonetization a political masterstroke that wins the prime minister a reputation as an anti-corruption crusader who walks his talk, or has Mr Modi's reach exceeded his grasp? Indian arguments are so polarized that each time an Indian economist writes an op-ed or does an interview on the subject, he is judged by his real or alleged political affiliation, which allows one side or the other to discount his arguments. So when I came upon a short post by Kenneth Rogoff, the economist, on India's demonetization, it seemed a great piece of luck. Rogoff has published, just this year, a book called The Curse of Cash in which he advocates demonetization in the United States...
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Rashmi Venkatesan: Demonetisation Isn’t an ‘Inconvenience’, It’s a Gross Violation of Our Rights