2016 Indian banknote demonetisation


The demonetisation also came in for sharp criticism from media outside India, [] [] with the New York Times saying that the demonetisation was "atrociously planned" and that it did not appear to have combatted black money, [] [] while an article in The Guardian stated that "Modi has brought havoc to India". Archived from the original on 23 November This indicates a slowdown in both, manufacturing and services industries. A Congress led opposition which includes 13 political parties, opposed the current government on the demonetisation issue in the Winter Session of the Indian Parliament on 16 November Pronab Sen, former Chief Statistician and Planning Commission of India member, called it a "hollow move" since it did not really address any of the purported goals of tackling black money or fake currency.

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They are used in datacenters, where it is still common enough to find legacy specialized hardware that handles only M, but 10M is completely gone. At that level it's not just that an extra dollar of hardware would be a significant increase on the BOM like with some cheap laptops from a few years ago ; but the CPUs on the older models weren't fast enough to make good use of that level of bandwidth.

Remember 10Mbps came first, then Mbps, then Mbps. Peter Green 6, 2 9 I haven't see a 10 Mb network card in a very long time. I would almost expect trouble finding drivers for a 10 Mb only card.

Woah there, remember 1Mbit came first! Preferably on coax-piercing transducers Have you seen network "shields" for embedded CPUs, like Arduino? The cheapest ones use bit-banging and those tiny CPUs can barely made it to 10Mb. JohnU AIUI early experimental coax Ethernet was 3Mbps and starlan an early vendor-specific attempt at twisted pair ethernet was 1Mbps, but everything that made it into an actual standard was 10Mbps or higher. It's all obsolete, in the current era. Which means whatever you are reading is obsolete.

Ecnerwal 2, 10 There is still a sizeable price gap between full-Gig enteprise switches and those providing FastEthernet ports at least for low-end branch-office style switches for connecting PCs and phones.

For many corporate environments, there really is no reason to have Gigabit to the desktop, and FastEthernet is more than enough, despite it's antique status. Egoistically I would prefer Gig to avoid the usual nightmares of duplex mismatches and the like, but unless the suppliers just stop making FE switches, we're probably going to keep buying them for a while yet.

I work in a very budget-sensitive environment school and have not bought a Fast-E device in over a decade There are a few still running in less-critical roles, but when they are replaced, it will be with Gig devices. So, your "obsolete" characterization" is wrong.

I would agree that 10 mbps is essentially gone, but fast ethernet is not. Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Quraishi said demonetisation could lead to long term electoral reforms. By and large, initial international response was positive which saw the move as a bold crackdown on corruption. Chinese state media Global Times praised the move and termed it as "fierce fight against black money and corruption.

Indian-American economist Jagdish Bhagwati praised the demonetisation. The Indian Supreme Court while hearing one among a slew of cases filed against the sudden demonetisation decision in various courts, [87] observed that it "appears to be carpet bombing and not surgical strike" which government repeatedly claims it to be. Nobel laureate Indian economist Amartya Sen , severely criticised the demonetisation move calling it a "despotic action" among other things.

Former Senior Vice-President and Chief Economist of the World Bank , Kaushik Basu , called it a 'major mistake' and said that the 'damage' is likely to be much greater than any possible benefits. Pronab Sen, former Chief Statistician and Planning Commission of India member, called it a "hollow move" since it did not really address any of the purported goals of tackling black money or fake currency. Prabhat Patnaik , a former professor of economics at the Jawaharlal Nehru University, Delhi called the move 'witless' and 'anti-people'.

He criticised the simple way in which black money was assumed as "a hoard of cash", saying that it would have little effect in eliminating "black activities" while "causing much hardship to common people. Noted economist and journalist, T. Ninan wrote in the Business Standard that demonetisation 'looks like a bad idea, badly executed on the basis of some half-baked notions'. Chief Ministers of several Indian states like Mamata Banerjee , [] Arvind Kejriwal [] and Pinarayi Vijayan [] have criticised and led major protests against the decision in their states and in parliament.

Initially, the move to demonetise and try to hinder black money was appreciated, but the manner in which it was carried out by causing hardships to common people was criticised. The High Court dismissed the PIL stating that it could not interfere in monetary policies of the government. It is listed for hearing on 2 December Several government ministers had declared before the demonetisation that they were holding large amounts of cash, including Arun Jaitley, who had more than 65 lakh rupees in cash.

This led to speculation about whether and when the ministers had deposited the cash they held. Steve Forbes described the move as 'Sickening And Immoral'. The demonetisation also came in for sharp criticism from media outside India, [] [] with the New York Times saying that the demonetisation was "atrociously planned" and that it did not appear to have combatted black money, [] [] while an article in The Guardian stated that "Modi has brought havoc to India".

A Parliamentary panel report in April stated that rural households and honest taxpayers were the worst hit by demonetisation. A Congress led opposition which includes 13 political parties, opposed the current government on the demonetisation issue in the Winter Session of the Indian Parliament on 16 November A memorandum was submitted to the President of India Pranab Mukherjee demanding rollback of the decision.

Poor people, daily wage earners, they're all facing difficulty. Praful Patel , a member of the Nationalist Congress Party , stated that "the government was not even prepared to recalibrate the ATMs while announcing the move. People's suffering are unimaginable. Nobody is questioning the government's intention, but you are unprepared to execute the move".

Banerjee also stated "I give the government 3 day ultimatum, fix things or withdraw the demonetisation scheme". In the demonetisation debate on the second and third day of the Winter Session of Parliament, on 17 and 18 November , the opposition and the government clashed over the demonetisation issue, bringing the house to continuous halts. On 24 November , in the demonetisation debate, the former prime minister of India Manmohan Singh said "this scheme will hurt small industries, the farming sector.

The GDP can decline by about 3 per cent due to this move", while he also questioned "I would like to ask the Prime Minister examples of countries where people have deposited their money in the banks and not allowed to withdraw their own money.

Cooperative banking system has been prevented from handling cash". As the demonetisation was opposed in both houses of the parliament , it triggered organised nationwide strikes across India. Modi had stated that due to demonetisation, corrupt officials, businessmen and criminals — popularly believed to hoard large amounts of illicit cash — would be stuck with "worthless pieces of paper".

Nobel laureate Kailash Satyarthi and others working to fight human trafficking said that the note ban had led to a huge fall in sex trafficking, but that the trade had already begun rebounding by the following month. Demonetisation had badly hit Maoist and Naxalites as well.

The surrender rate has reached its highest since demonetisation was announced. It is said that the money these organisations collected over the years have now lost their value making them take such a decision. The move also reportedly crippled Communist guerrilla groups Naxalites financing through money laundering. The public were asked to post the location and details of ATMs that were live and dispensing cash, including a hashtag LiveATMAlert or by tagging the group in their post in Facebook or Twitter.

The group would in turn collate all gathered information and broadcast it to their followers at regular intervals. The cash shortage was still ongoing in the month of April , five months after the demonetisation.

Several people were reported to have died from standing in queues for hours to exchange their old banknotes. In an interview, Chief Minister of Delhi Arvind Kejriwal lashed out at a BBC reporter who asked him to justify his 19 November claim that 55 deaths were linked to demonetisation. As a combined effect of demonetisation and US presidential election , the stock market indices dropped to an around six-month low in the week following the announcement.

After the demonetisation was announced, about , truck drivers were affected with scarcity of cash, with around , trucks stranded at major highways across India were reported. Nitin Gadkari , the Minister of Transport , subsequently announced a suspension of toll collections on all national highways across India until midnight of 11 November, later extended until 14 November and again until midnight of 18 November, and yet again till 2 December.

The demonetisation led to unavailability of cash to pay for food products. The reduction in demand that arose in turn led to a crash in the prices of crops. Farmers were unable to recover even the costs of transportation from their fields to the market from the low prices offered. The demonetisation was initially seen by some sources as a significant step towards making India a cashless economy. More people began using cards [] and e-wallets, and the demand for point of sales POS or card swipe machines increased.

Several e-commerce companies hailed the demonetisation decision as an impetus to an increase in digital payments , hoping that it would lead to a decline in COD returns which could cut down their costs. After peaking in December , digital transactions declined from January onwards, thus thwarting the objective of increasing digital payments through demonetisation. Global analysts cut their forecasts of India's GDP growth rate for the financial year by 0. There was a reduction in industrial output as industries were hit by the cash crisis.

This indicates a slowdown in both, manufacturing and services industries. There was a loss of jobs due to demonetisation, particularly in the unorganised and informal sector and in small enterprises.

Labour union jobs were crashed. The Finance Ministry instructed all revenue intelligence agencies to join the crackdown on foreign exchange traders, hawala operators and jewellers besides tracking movement of demonetised currency notes.

As of 23 December, PMO received around calls giving information about black money and it directly forwarded the information to various law enforcement agencies for further action. Income Tax departments raided various illegal tax-evasive businesses in Delhi, Mumbai, Chandigarh, Ludhiana and other cities that traded with demonetised currency. The number of I-T returns filed between 1 April and 5 August grew by As a result, revenue collections of the local civic bodies jumped.

The government had initially announced that any person who is unable to deposit the old notes by 31 December would be given an opportunity to do so until a later date. This included housewives with hidden savings , [] soldiers who were on duty during the demonetisation period, [] [] people who had suffered a bereavement, [] and persons who had old notes received as wedding gifts before the demonetisation. The dividend paid by the Reserve Bank to the government for the financial year was Rs.

This decrease was due to demonetisation. Mid-day meal workers, whose wages were unpaid for months were unable to procure loans for the purchase of essentials like vegetables, oil, tamarind, dal and firewood in Karimnagar, Telangana []. Other places where mid-day meal schemes were affected included Tekkatte, Karnata [] , Amritsar, Punjab [] and Nagpur, Maharashtra [] among others. Sainath said there was an irreversible loss to the health of children in these areas because of the demonetisation.

Migrant labourers in Kerala continued to be paid in demonetised currency, and as a result went hungry. They also lost precious work hours because they had to stand in ques to exchange money at banks. At banks, many labourers faced harassment from officials. Even after exchange, many were unable to buy essentials from shops which refused their Rs. Migrant workers in Gujarat's jewellery industry were left jobless by the slowdown in the local economy dues to demonetisation.

This included jewellery workers in Ahmedabad and Rajkot, diamond workers and manmade fibres in Surat, ceramic industry workers in Morbi, brass workers in Jamnagar and shipbreaking workers in Alang. Income Tax officials raided multiple branches of Axis Bank and found bank officials involved in money laundering acts, exchanging old notes for gold. In India, the cash deposited into hundis , or cash collection boxes in temples and gurudwaras are exempted from inquiry by the tax department.

There have been reports of people circumventing the restrictions imposed on exchange transactions by conducting multiple transactions at different bank branches and also sending hired people, employees and followers in groups to exchange large amounts of banned currency at banks. This was in addition to other measures proposed to ensure that the exchange transactions are carried out only once by each person.

As soon as the demonetisation was announced, it was observed by the Indian Railways authorities that a large number of people started booking tickets particularly in classes 1A and 2A for the longest distance possible, to get rid of unaccounted cash. A senior official said, "On November 13, Of these, only 1, were 1A and 16, for 2A.

It is a sharp dip from the number of passengers booked on November 9, when 27, passengers had booked tickets in 1A and 69, in 2A. The railway claimed that since the Railway Board on 10 November imposed a number of restrictions to book and cancel tickets, the number of people booking 1A and 2A tickets came down.

The Enforcement Directorate raided several forex establishments making back dated entries. From Wikipedia, the free encyclopedia. This article may lack focus or may be about more than one topic. This article needs to be updated. Please update this article to reflect recent events or newly available information.

This article is about the decision to demonetise and rupee banknotes. RBI Notice Revised ". Reserve Bank of India. Retrieved 8 November Retrieved 9 November The Times of India. Retrieved 5 January Retrieved 7 November Retrieved 10 November Chaos as ATMs run dry". Chaos grows, queues get longer at banks, ATMs on weekend". Demonetisation takes its toll on the poor". Retrieved 17 November Retrieved 15 November Disaster, says Chidambaram; high cash economy corrupt, counters Jaitley: India, News - India Today".

Retrieved 26 June Opposition calls for countrywide protest on November 28". Retrieved 23 November Opposition parties join hands, to hold 'protest day' on November 28". Retrieved 24 November Retrieved 31 August Illegal cash crackdown failed - bank report". Retrieved 31 August — via www. Retrieved 5 June A looks back at two similar experiments in and ". Retrieved 23 January Retrieved 12 November In the works for 6 months, 10 people in the loop, including Raghuram Rajan".

Retrieved 26 February Retrieved 26 February — via www. Ministry of Finance, Government of India. Archived from the original PDF on 14 November