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Found 1 result

  1. FINANCIALS | Tue Nov 8, 2016 | 12:28pm EST EXPERT VIEWS-India abolishes larger banknotes in fight against graft, "black money" Nov 8 Indian Prime Minister Narendra Modi on Tuesday announced that 500 and 1,000 rupee banknotes would be withdrawn from circulation at midnight, saying it was part of a crackdown on rampant corruption and counterfeit currency. The surprise step appears designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy. Below are comments from company and bank executives as well as market participants. NIRMAL JAIN, CHAIRMAN, INDIA INFOLINE "It is a very powerful measure to curb black money. Mr. Modi has kept his promise of taking stern measures against black money. "It will have deflationary impact in general and more specifically on real estate prices and make homes affordable, and is indirectly a boon to honest tax payers." SARAVANA KUMAR, CIO, LIC MUTUAL FUND "If you look at India's economy point of view it's a very good measure. It's a very strong and bold step. "Inflation will moderate and it's going to control the fiscal deficit. Black money will come down drastically." "Since inflation is going to moderate it's good for the bond markets as well. It's good for the equity market, currency market and bond markets." CHANDA KOCHHAR, MD & CEO, ICICI BANK "I welcome the announcement made by the PM to derecognise 1,000 and 500 rupee notes. It is perhaps the most significant move ever taken to curtail the parallel economy. This move will give a sharp boost to all formal channels of payment, which in turn, will help the formal economy to grow." K.V. KARTHIK, PARTNER, DELOITTE "By phasing out 500 and 1,000 rupees notes the government has taken the fight against domestic black money to the next level. "In the backdrop of other developments such as the Black Money Act, voluntary disclosure scheme and the introduction of Benami Transactions (Prohibition) Bill, this is a significant change, as people will have to provide an ID while exchanging the notes going forward. "This way, the government will be able to identify undisclosed income and can be considered akin to a forced disclosure scheme." ANUJ PURI, CHAIRMAN & COUNTRY HEAD, JLL INDIA "The banning of higher currency notes is a major move which will help curb unaccounted-for cash in the real estate sector. "We have just witnessed a tremendous step towards increased transparency in the Indian real estate industry. The effects will be far-reaching and immediate, and shake up the sector in no uncertain way. "Stricter measures against black money have for long been required to help bring about greater transparency, give the Indian real estate sector more credibility and make it more attractive for foreign investors. "Black money deals are more common on the unorganized market, but this practice has, in fact, been on the decrease with greater awareness on the part of buyers. Before too long, the caricatured version of black money driving Indian real estate is no longer applicable." PROF. SEBASTIAN MORRIS, FACULTY, IIM AHMEDABAD "It's a great move in terms of putting a sudden break to black money. It's come now because, I think, the economy is at a slow growth and jingoism hasn't worked. "There is a huge amount of black money stashed away in the form of currency in India. That will get affected if they really implement this correctly. In the short run, there would a huge negative impact on the economy. "The negative impact would be huge on demand. The economy which is growing at probably about 4 percent will turn negative for a while and real estate would be down. A whole lot of investor confidence would come down particularly at the SME, manufacturing level. But in the long run it may be good actually." GAGAN BANGA, VICE CHAIRMAN & MD, INDIABULLS HOUSING FINANCE LTD "It's a very innovative mood. No gain without pain. Extremely good for housing finance companies as element of cash will reduce and formal credit demand will increase." SAURABH AGRAWAL, CEO & CO-FOUNDER, ZEBPAY "It is a great move by Mr. Modi to curb money laundering and counterfeiting. This will mark the beginning of digital currency era and bitcoins have a huge potential to grow and eradicate black money totally out of the system. We foresee immense movement in our space." (Reporting by Devidutta Tripathy and Abhirup Roy; Compiled by Rafael Nam)
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