India's former central bank head Raghuram Rajan had cautioned the government that short-term costs of a radical ban of high-value currency notes would outweigh the long-term benefits, Times of India newspaper reported on Sunday.
He had first given his opinion on whether to carry out the ban in February 2016, the paper reported, citing excerpts from Rajan's book on his stint at the Reserve Bank of India (RBI), titled "I Do What I Do: On Reforms Rhetoric and Resolve".
That was months before Prime Minister Narendra Modi stunned the country on November 8 by abolishing 500- and 1,000-rupee notes, removing 86 per cent of the currency in circulation in a bid to crack down on "shadow economy".
"The RBI flagged what would happen if preparation was inadequate," the paper cited Rajan as saying in the book that will be released next week.
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Read more:
India demonetisation figures deal blow to Modi
India's government yet to reveal outcome of demonetisation drive
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Rajan also told the newspaper in an interview that the demonetization had a disruptive impact on the economy.
"I think all said and done, it would be fair to say the intent was good. But certainly at this point, one still cannot in any way say it has been an economic success. But again, as I said, only time will tell," he was quoted as saying.
Indians returned most of the estimated 15.4 trillion Indian rupees (US$242 billion) in high-currency bills removed from circulation last year, the RBI said in its annual report on Wednesday.
Modi had been intending to make it difficult for hoarders of undeclared wealth to exchange their undeclared cash for legal tender, but it seems most of it was returned by individuals, implying there was a very small amount of unaccounted money held in cash or evaders had managed to legalise their unaccounted money.
While Modi's drive to unearth unaccounted wealth did not deliver the desired result, it hurt consumer demand in a country where most people are paid in, and buy what they need with, cash.
India's economy lost further steam in the quarter to June as growth slid to 5.7 per cent, its lowest level in more than three years and a marked slowdown from a 6.1 per cent growth in the January-March period.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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