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Demonetization Effect: India does have some Wealthy Wives in the Country

The money is saved from bargaining at markets, buying second hand school books and stretching the dough

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Indian currency. Pixabay

November 22, 2016: Mothers often stow money. They save the money from the expenditures and hide it away so that the money could be used in emergencies. This is not just an Indian stratagem; women around the world do the same. In Japan, there is even a word for it: “hesokuri” or money hidden in the navel.

Times of India reported a case of Dadar, where a housewife Kavita Kishore saved about Rs. 2,50,000 from the allowances and all the birthday envelopes. Her husband runs a cut piece cloth shop in Dadar. Since last year, for every month, her husband has been giving her Rs. 20,000 for the household expenditures. When they got married 30 years ago, he used to give her Rs. 500 in tens and twenties and told her to keep the change.

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The money is saved all these years from bargaining at markets, buying second hand school books and stretching the dough. Last week, she had to dig out all the money stashed in the house and at her sister’s place. Her husband was surprised to see all the money she had saved in all these years.

Although he has promised her that he will withdraw the money whenever she needs it, she believes she will have to start again from scratch.

Women in India despair demonetization because their cash reserves were the funds they kept out of sight of their husbands. Now, they have to forfeit all the money.

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The Japan Times cited a survey last November conducted by a life insurance company. The results were astonishing. The average savings of a woman in Japan was Rs. 7.8 lakh in Indian currency.

South African financial journalist, Sasha Planting, believes there is nothing wrong with a secret stash. She thinks stash is prudent. Keeping it a secret is totally up to the people.

Pamela Gomes, a 40 year old private tutor in Bengaluru, saved about Rs. 32,000 after her husband didn’t approve her buying expensive jackets. She thought that she is an independent woman and she don’t need any lectures when she is contributing her share to the house.

Prepared by Diksha Arya of NewsGram. Twitter: @diksha_arya53

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Sanitization to Fight Coronavius Begins in UP

Massive sanitization drive begins in UP

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A massive sanitization drive began in major cities in Uttar Pradesh on Friday. (Representation Image). Pixabay

A massive sanitization drive began in major cities in Uttar Pradesh on Friday. This is the latest news in India.

Rajkumar Vishwakarma, DG, fire services, told reporters that sanitization was being done with sodium hypochlorite and fire personnel had been instructed to take care and not to spray the disinfectant on human beings and animals.

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The sanitization will be done using sodium hypochlorite. (Representational Image). Pixabay

Spraying will also not be done inside any building due to electrical connections.

Fire personnel have been asked to take photographs and post it on WhatsApp media groups. They have been asked to avoid calling the media personnel to the sanitisation sites to avoid risks.

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Earlier this week, about 50 migrant workers who were at a bus station in Bareilly, were sprayed with sodium hypochlorite by the sanitisation staff. Those who were sprayed, including children, complained of itching in the eyes and rashes on the body.

Also Read- UNHRC Chief Michele Bachelet: India’s Lockdown Has Implementation Challenges

Chief minister Yogi Adityanath had expressed his concern over the incident and assured action against the guilty.

District magistrate Bareilly, Nitish Kumar said that the incident happened due to ‘over-zealous’ workers. (IANS)

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People Have Faith in Modi Government to Handle COVID-19 Crisis

Over 83% trust Modi govt will handle COVID-19 crisis well

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The Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic. Wikimedia Commons

As the Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic, 83.5 per cent people from various states “trust in government” in handling the crisis.

The findings came out in the IANS-CVoter exclusive tracker on COVID-19 Wave 2 survey conducted during last seven days among 18 plus adults nationwide. The findings and projections are based on Computer-Assisted Telephone Interviewing (CATI).

Replying to a question “I think Indian government is handling the coronavirus well”, 83.5 per cent people agreed that they trust in government’s steps being taken in fight against the deadly disease, and 9.4 per cent expressed their disagreement. The survey was conducted on March 26 and 27. Of the 83.5 per cent who showed their trust in government, 66.4 per cent strongly agree with the opinion and 17.1 agree with the view.

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A similar survey on the same question done on March 17 and 18 showed that 83.6 per cent people expressed their trust in government in fight against the pandemic which so far has claimed 29 lives and over 1,000 conformed cases. A total of 13.7 per cent people expressed their disagreement.

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83.5 per cent people from various states trust the Modi government in handling the COVID-19 crisis. Wikimedia Commons

As per the tracker, the data is weighted to the known demographic profile of the states. Sometimes the table figures do not sum to 100 due to the effects of rounding, it says. “Our final data file has socio-economic profile within plus 1 per cent of the demographic profile of the state. We believe this will give the closest possible trends.”

The Tracking Pol fieldwork covers random probability samples during the last seven days from the release date and that the sample spread is across all assembly segments across all states. This survey covers all states in India and was conducted in 10 languages as part of our routine OmniBus, it says.

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“This is a thorough random probability sample; and we are ensuring a proper representative analysis by statistical weighing of the data to make it representative of the local population as per the latest census and or other available demographic benchmarks.”

Also Read- Castro Gang Murders: How Cuba Eliminated An Opposition

The data clarified that it strictly follows the WAPOR code of conduct (World Association of Public Opinion Research) for our ethical and transparent scientific practices and have incorporated the PCI (Press Council of India ) guidelines as our SOP (Standard Operating Procedures). (IANS)

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The Answer to The Impending Questions On Demonetization Are Here

While it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

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Indian Currency. Pixabay

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, Resever Bank of India  has announced, indicating the move did little to slow the underground economy.

Prime Minister of India, Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people or demonetization.

Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually released new currency notes worth 500 and 2,000 rupees.

 

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An activist of Congress party hold the banned 500 and 1000 rupee notes.

 

In theory, the decree meant corrupt politicians and businesspeople would suddenly find themselves sitting on billions of dollars in worthless currency, known here as “black money.”

“A few people are spreading corruption for their own benefit,” Modi said in the surprise nighttime speech announcement of the order. “There is a time when you realize that you have to bring some change in society, and this is our time.”

But even as the decree caused turmoil for those in India who have always depended on cash — the poor and middle class, and millions of small traders — the rich found ways around the currency switch. In the months after the decree, businesspeople said that even large amounts of banned currency notes could be traded on the black market, though middlemen charged heavy fees.

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Prime Minister Narendra Modi along with mayor, flickr

The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy. Some officials had originally predicted that number could be as low as 60 percent.

Also Read: Diverse Gathering To Be Addressed This World BioFuel Day: PM Narendra Modi

“Frankly, I think demonetization was a mistake,” said Gurcharan Das, a writer and the former head of Proctor & Gamble in India. He said that while it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

“You can’t overnight change that in a country which is poor and illiterate. Therefore, for me it’s not only an economic failure but a moral failure as well,” Das said. (VOA)

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