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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in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation.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The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy.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.

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“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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Dell and Alienware to Launch New PC Gaming Devices to India

Dell also refreshed its G Series gaming laptops with the launch of the new G7 gaming system. With a design that is 19.9mm thin, it is the thinnest G Series laptop to date

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credit: www.news.filehippo.com

Refreshing its PC gaming portfolio in India, Dell and its subsidiary Alienware on Monday launched Alienware Area-51m, Alienware m15 and Dell G7 devices for the gamers in the country.

Originally unveiled at the CES 2019 in January, the devices have now made their way to India.

Price of Alienware Area-51m starts at Rs 299,590 and is available on dell.co.in while the Alienware m15 starts at Rs 178,399. The Dell G7 15 is available for Rs 157,399 and is also available on dell.co.in.

The new portfolio would be available in retail and multi-brand stores across the country from April 1.

“By an estimate, $1.1 billion would be the size of the Indian gaming industry by 2020. Community engagement, augmenting gaming as a profession and latest technological innovation is how we are defining the gaming landscape in India,” Anand Subramanya, Director, Product Marketing, CSB Dell India, told reporters here.

Alienware Area-51m is also the world’s first gaming laptop that supports upgradable NVIDIA GeForce RTX graphics, 64GB of memory and 2.5Gbps Ethernet technology.

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Dell laptops. Representational image. Pixabay

“This is an exciting time for PC gaming all over the world as well as in India. We are delighted to introduce ground-breaking, high performance gaming machines like Area-51m and m15,” added Frank Azor, Vice President and General Manager, Alienware, Gaming and XPS.

Focusing on portability in gaming machines, the Alienware m15, is the thinnest and lightest 15-inch Alienware laptop, that is aimed at gamers on-the-go. A powerful machine for gamers, it has 8th generation Intel Core i7 processors and NVIDIA GeForce RTX 2060 and 2070 MQ design graphics cards.

Both Alienware Area-51m and Alienware m15 offer “Cryo-Tech v2.0” — an advanced thermal technology that maximises performance and keeps these machines cool.

Also Read- This Smartphone by Vivo Creates The Record of Fastest Selling Smartphone in Company’s History

Dell also refreshed its G Series gaming laptops with the launch of the new G7 gaming system. With a design that is 19.9mm thin, it is the thinnest G Series laptop to date.

Powered by the 8th Gen Intel Core processors and NVIDIA GeForce 20 series RTX graphics card, and 144Hz refresh rate panel, the G7 optimises demanding AAA game titles and can also be utilised for everyday use. (IANS)