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Bharata Bharati

Reserve Bank of India seal on a gate outside the RBI headquarters in Mumbai

Prof M.D. NalapatThe effects on the economic system post 8 November, combined with worries of further drastic steps including more demonetisations, is leading to hoarding of currency notes, thereby necessitating a higher volume of currency needing to get pushed into circulation. A senior official estimated that it will take eleven months for currency stocks depleted by the 8 November shock to get replenished. – Prof M. D. Nalapat

Prime Minister Narendra Modi is working “more than ten hours a day” just on ensuring that the 8 November money measures announced by him ensure a smooth landing for the economy rather than turbulence. This despite the fact that the plan actually owed its origin to the Reserve Bank of India and the Ministry of Finance, who persuaded the PM to go forward with an idea which will affect (and has affected) over a billion citizens of this country. Prime Minister Modi showed…

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