Note-Bandi: Demonetisation and India's Elusive Chase for Black Money
The demonetisation of November 2016 will go down in history as one of the most intensely debated economic policy interventions of the Indian state. With the abolition of the legal tender status of Rs 500 and Rs 1,000 notes, about 86 per cent of the currency in circulation stood withdrawn from circulation in the economy. The purpose, according to the government, was to stamp out counterfeit currency, unearth black money, and usher in a less-cash economy. This work analyses in detail the conception and implementation of demonetisation, its impact on different spheres of the economy and sections of the people, and various claims of the government vis-à-vis demonetisation. It tries to locate the two demonetisations of 1978 and 2016 within the broader questions of tax evasion and the generation and storage of black money in India over the last six decades. It has a comprehensive introduction, supported by writings from the archives of the Economic&Political Weekly.
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Note-Bandi: Demonetisation and India's Elusive Chase for Black Money
The demonetisation of November 2016 will go down in history as one of the most intensely debated economic policy interventions of the Indian state. With the abolition of the legal tender status of Rs 500 and Rs 1,000 notes, about 86 per cent of the currency in circulation stood withdrawn from circulation in the economy. The purpose, according to the government, was to stamp out counterfeit currency, unearth black money, and usher in a less-cash economy. This work analyses in detail the conception and implementation of demonetisation, its impact on different spheres of the economy and sections of the people, and various claims of the government vis-à-vis demonetisation. It tries to locate the two demonetisations of 1978 and 2016 within the broader questions of tax evasion and the generation and storage of black money in India over the last six decades. It has a comprehensive introduction, supported by writings from the archives of the Economic&Political Weekly.
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Note-Bandi: Demonetisation and India's Elusive Chase for Black Money

Note-Bandi: Demonetisation and India's Elusive Chase for Black Money

Note-Bandi: Demonetisation and India's Elusive Chase for Black Money
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Note-Bandi: Demonetisation and India's Elusive Chase for Black Money

Note-Bandi: Demonetisation and India's Elusive Chase for Black Money

Overview

The demonetisation of November 2016 will go down in history as one of the most intensely debated economic policy interventions of the Indian state. With the abolition of the legal tender status of Rs 500 and Rs 1,000 notes, about 86 per cent of the currency in circulation stood withdrawn from circulation in the economy. The purpose, according to the government, was to stamp out counterfeit currency, unearth black money, and usher in a less-cash economy. This work analyses in detail the conception and implementation of demonetisation, its impact on different spheres of the economy and sections of the people, and various claims of the government vis-à-vis demonetisation. It tries to locate the two demonetisations of 1978 and 2016 within the broader questions of tax evasion and the generation and storage of black money in India over the last six decades. It has a comprehensive introduction, supported by writings from the archives of the Economic&Political Weekly.

Product Details

ISBN-13: 9780199092727
Publisher: OUP India
Publication date: 02/16/2018
Sold by: Barnes & Noble
Format: eBook
Pages: 504
File size: 7 MB

About the Author

R. Ramakumar, Professor and Dean, Tata Institute of Social Sciences

Table of Contents

List of Tables and Figures xi

Preface

Credits xxvii

I Introduction

1 A Nation in the Queue: On How Demonetisation Wrecked the Economy and Livelihoods in India R. Ramakumar 3

II Debates on the Size of the Black Economy

2 Unaccounted Economy in India: A Critical Review of Some Recent Estimates Shankar Acharya 115

3 Unaccounted Income: Some Estimates O.P. Chopra 140

4 Estimates of the Unreported Economy in India Poonam Gupta Sanjeev Gupta 149

5 Estimates of Black Income: A Critique of Gutmann Method J.C Sandesara 160

6 Estimating Unaccounted Income in India: Using Transport as a Universal Input Sacchidananda Mukherjee R. Kavita Rao 167

III Black Money and Tax Evasion

III (a) The International Ramifications of Tax Evasion

7 An Empirical Study on the Transfer of Black Money from India: 1948-2008 Dev Kar 191

8 On a Wild Goose Chase for Black Money in Switzerland D. Ravi Kanth 209

9 Participatory Note Investments: Do Indian Markets Need Them? S.S.S. Kumar 215

10 Did Adani Group Evade Rs 1,000 Crore Taxes? Paranjoy Guha Thakurta Shinzani Jain Advait Rao Palepu 232

III (b) The Hindu Undivided Family Act

11 HUF Tax Avoidance Revisited I.S. Gulati 251

III (c) Excise Duty Evasion: Case Study

12 Excise Duty Evasion on Cotton Textile Fabrics Gopinath Pradhan M. Govinda Rao 267

III (d) Black Money and Politics

13 Black Money and Politics in India Jagdeep S. Chhokar 295

IV Demonetisation and the Indian Economy

IV (a) The Rationale for Demonetisation

14 Demonetisation: 1978, the Present and the Aftermath J. Dennis Rajakumar S.L. Shetty 311

15 Economic Rationale of Demonetisation: An Analysis of the Claims of the Government Vineet Kohli R. Ramakumar 327

16 The Problem of Fake Indian Currency Notes: A Process Oriented View Amitava Bandyopadbyay Ranjan Sett Dipak K. Manna 341

17 Negative Interest Rates: Symptom of Crisis or Instrument for Recovery? C.P. Chandrasekhar 351

18 The New Moral Economy: Demonetisation, Digitalisation and India's Core Economic Problems Atul Sood Ashapurna Baruah 373

IV (b) Theoretical Perspectives

19 The Legacy of Demonetisation Prabhat Patnaik 387

20 Demonetisation through Segmented Markets: Some Theoretical Perspectives Parag Waknis 399

IV (c) Impact on the Economy

21 Demonetisation and Cash Shortage Ashok K. Lahiri 411

22 Lost Due to Demonetisation Ashok K. Nag 422

23 The Cashless Economy of Chikalthana P. Sainath 430

24 Curry Mixed with Demonetisation and a Pinch of Pesticide Rahul M. 434

25 Impact of Demonetisation in Kerala R. Mohan 437

26 Quarterly GDP Estimation: Can It Pick Up Demonetisation Impact? R. Nagaraj 444

27 Demonetisation and the Delusion of GDP Growth Ritika Mankar Sumit Shekhar 449

Index 459

About the Editor and Contributors 469

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