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Cash-to-GDP ratio must be halved in 3 years: Ex-Revenue Secretary

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8 years ago

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Chennai,gdp, Ex-Revenue, Cash-to-GDP,

Former Revenue Secretary M.R. Sivaraman

Chennai:  The Centre should work towards bringing down the cash-to-gross domestic product (GDP) ratio to around 7 per cent from the current 13 per cent in three years, a retired top bureaucrat has said.Former Revenue Secretary M.R. Sivaraman also said the central government should make it clear that the new 500- and 2,000-rupee notes would be withdrawn over a period of time.

“The cash-to-GDP ratio of 13 per cent is certainly not right. All these years nobody said anything against the RBI on the cash economy in the country,” Sivaraman, who is former Executive Director of the IMF, told IANS.Agreeing that there has been a failure in the smooth implementation of the demonetisation of 500/1,000-rupee notes, Sivaraman said at least now the Centre should take some proactive and open steps and take state governments into confidence.

“The central government should make it abundantly clear that it is for reducing the cash:GDP percentage to seven per cent in three years. The Centre should also write to the states on the issue,” Sivaraman said.According to him, all payments by and to the central government should be by way of cheque or other means and not by cash. Similarly all public sector undertakings should go cashless.

“Supply of cash to rural areas should be increased while cash supply in urban areas should be contracted. People in urban areas have alternate modes for financial transactions like credit/debit cards, mobile payments and others,” Sivaraman said.

“The government should tell people that it is working towards the cash:GDP of seven per cent in three year time frame. The people should also be informed that the new 500- and 2,000-rupee notes would be withdrawn and only 100-rupee note and other lower denomination would exist,” Sivaraman said.According to him, the plan of action should be made known to the public.

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Apple is giving a huge discount on its gadgets: Details inside

Published

3 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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