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Modi-Jinping agree on the joint economic project in Afghanistan

"The two leaders endorsed the work of the Special Representatives in their efforts to find a fair, reliable and truly acceptable settlement. They also underscored that in the meantime it is important to maintain peace and tranquility in all areas of the India-China border region," India's Foreign Secretary Vijay Gokhale said here.

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PM Modi meets Xi Jinping, wikimedia commons
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India and China on Saturday agreed on a joint economic project in Afghanistan, sources said after a two-day summit between Prime Minister Narendra Modi and Chinese President Xi Jinping here.

The long-standing border issue also figured in the meeting where Modi and Xi decided to give “strategic guidance” to their armies to prevent a Doklam-like military stand-off in 2017.

India and China on Saturday agreed on a joint economic project in Afghanistan, sources said after a two-day summit between Prime Minister Narendra Modi and Chinese President Xi Jinping here.
Representational Image, wikimedia commons

“The two leaders endorsed the work of the Special Representatives in their efforts to find a fair, reliable and truly acceptable settlement. They also underscored that in the meantime it is important to maintain peace and tranquility in all areas of the India-China border region,” India’s Foreign Secretary Vijay Gokhale said here.

“And to this end, the two leaders decided that they would issue strategic guidance to their respective militaries to strengthen communication and to build trust and understanding to implement the various confidence-building measures which have already been agreed upon the two sides and to strengthen existing institutional mechanism to prevent and manage situations in the border areas,” he added.

Also Read: Tensions grow as US bombers fly over the South China sea

Earlier on Saturday, Modi and Xi walked by the East Lake as they began their second round of talks.

On Friday, the two leaders agreed that healthy bilateral ties were important for a better world as they met to re-set the ties between the two nations hit by the military face-off. (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.

 

demonetization
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.

demonetization
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)