March 2017 Current Affairs
22 MAR
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21 MAR
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18 MAR
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17 MAR
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February 2017 Current Affairs
28 FEB
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27 FEB
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25 FEB
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24 FEB
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23 FEB
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22 FEB
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January 2017 Current Affairs
31 JAN
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28 JAN
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27 JAN
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25 JAN
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24 JAN
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December 2016 Current Affairs
31 DEC
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November 2016 Current Affairs
30 NOV
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26 NOV
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The Parallel Economy of Old 500 and 1000 Rupee Notes

The Parallel Economy of Old 500 and 1000 Rupee Notes
21 November 2016 Current Affairs: Prime Minister Narendra Modi’s decision of demonization of 500 and 1000 rupee notes has taken a new turn. It has given birth to a new kind of economy that thrives on the old illegal tender.

The new parallel economy welcomes the old notes, but at a price- at a discounted value- that often amounts to about 30%.

Despite demonetisation, old illegal currency is still being accepted at several local departmental stores, private chemists, small eateries, vegetable vendors and local retailers. 

The acceptance of the notes comes at a price. The consumer will only be able to purchase goods amounting to about 80% of the currency’s total value, that is, if you give a 1000 rupee note, you can only get goods worth around 800 Rupees. 

The places that are not taking any cut from the price, expect the consumer to buy goods worth the entire domination. This holds true for small retailers and privately-owned pharmacies. 

Even those having the new 2000 notes face the same problem. They have to buy goods worth the entire amount as no change is being given in return. 

Repercussions of this rise :  With takers still being there for old notes, the black income still continues to flow.

Savings of the middle class affected, as they have to now pay more in order to purchase daily utility goods. The resurrection of Black economy.

Parallel Economy : Parallel Economy, also known as Black economy is an economy that functions on the basis of black money or unaccounted money. The transactions conducted under this system are kept hidden from the government and hence, go unrecorded and untaxed.


March 2017 Current affairs
22 MAR
NEWS
21 MAR
NEWS
20 MAR
NEWS
18 MAR
NEWS
17 MAR
NEWS
16 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
NEWS
23 FEB
NEWS
22 FEB
NEWS




January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



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