It's most obviously not perfect, demonetization, and there's no way at all that sufficient notes will be ready by tomorrow (the Indian bank note printing industry just isn't large enough). But correctly viewed it's a vital part of India's development path.
Indian banks are running out of replacement money after the government scrapped 86% of the cash in circulation last week. The BBC's Sanjoy Majumder travelled to northern Rajasthan to see how rural India, where cash accounts for almost all transactions, is coping. It is 05:00 in Kirdola... [[ This is a content summary only. Visit http://FinanceArmageddon.blogspot.com or http://www.newsbooze.com or http://goldbasics.blogspot.com for full links, other content, and more! ]]
India's sudden switch to new banknotes left millions of people lining up Thursday to get their hands on the cash.
NEW DELHI/MUMBAI (Reuters) - Indian banks called in thousands of police on Thursday to manage huge queues outside branches, as people tried to exchange bank notes abruptly pulled out of circulation by Prime Minister Narendra Modi in a crackdown on "black money".
Chaotic scenes at Indian banks as people exchange banknotes withdrawn as an anti-corruption measure.
* Property among sectors likely to be hit by Indian bank note move
Alex Vatanka Politics, Asia Iran's agenda with India is much bigger than just one gas field. The last few weeks has seen a flurry of important announcements in Iranian-Indian relations. It is usually the commercial transactions that capture most of the headlines, but the potential for closer ties between these two states runs much deeper. In fact, both Tehran and Delhi have long eyed each other as befitting strategic partners that together can link up the subcontinent and west Asia in ways unseen before. And now the promise of a couple of major energy and transportation projects can provide the much-delayed impetus to push ahead. Post-Sanctions The lifting of much of the international sanctions regime on Iran following its July 2015 nuclear agreement with world powers removed a key obstacle in Tehran’s efforts to free itself from global economic isolation. While it is Iran’s growing dealings with Western states and companies that the media attention is typically fixed on, Tehran’s wooing of Asian states such as India is no less momentous. Steps are presently being taken to clear the path of large-scale commercial tie-ins. For example, it emerged on 1 November that after much delay, Delhi has finally paid Iran $6 billion in outstanding debt. The debt was for Indian oil imports, which Delhi argued it could not pay due to global banking sanctions on Tehran. The Iranians, never much convinced about how hard Delhi was sincerely trying to reimburse them, nonetheless didn’t let the issue to cloud their long-view on India. Meanwhile, it also emerged on 1 November that an Indian bank was one of only three foreign banks (the others from Oman and South Korea) to open a branch in Iran. Elsewhere, Air India has announced that it will re-launch direct flights to Tehran from Delhi. The last direct flight service between the two countries had come to an end in 1994. Read full article
Indian banks scrambled Friday to contain the damage after finding that more than 3.2 million debit cards may have been hacked.
A number of Indian banks are taking safety measures amid fears that the security of millions of debit cards may have been compromised.
Indian Gold Coin currently available at select branches of four Indian banks – Indian Overseas Bank, Federal Bank, Vijaya Bank and Yes Bank The Indian Gold Coin is among the key initiatives of the gold monetisation programme launched by Prime Minister Narendra Modi on 5th November 2015 and is the country's first sovereign gold coin. A detailed study commissioned by the MMTC and...
It facilitates crime, bribery, and tax evasion – and yet some governments (including ours) are printing more cash than ever. Other countries, meanwhile, are ditching cash entirely. And if Star Trek is right, we won’t have money of any sort in the 24th century. The post Why Are We Still Using Cash? appeared first on Freakonomics.