Demonetisation was supposed to have two outcomes: (a) curb on black money and (b) divest the rich of ill-gotten wealth and direct some of it towards the poor. However, as with many populist schemes, it is turning out to have exactly the opposite outcomes, at least in some ways. Here’s how:
My bank, for example, has set up special services for wealthy individuals, whereby money is reached to their homes. And they get the full complement of Rs 24,000 per week at one go, no questions asked.
However, for the rest of its clients, it’s an enactment of Samuel Beckett’s “Waiting for Godot”. You could hang out at the bank for hours, wait in long queues, but there’s no guarantee you’ll get anything at the end of the day for all your labours. For the cash could have “run out” by the time you reach the end of the queue.
This has been my experience as well as that of family members. Cash may run out in as little as 15 minutes. Or the process of disbursing cash can be made unnecessarily dilatory, to stretch it out and turn it into a test of patience for those waiting for it (I have blogged about it here).
But contrast the experience of government babus: they have, apparently, had their salaries reached to their desks in cash. The Haryana government has told its employees that they need to make at least one digital transaction in the next seven days, and furnish proof of this. To which, predictably, employee unions have protested complaining how they can be forced to make even one digital transaction (see this IE report).
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Katadata.co.id - PT Bank Central Asia Tbk (BCA) signed a sale and purchase agreement of the shares of PT Bank Rabobank International Indonesia.
"It's value will be adjusted to take into account the income or loss Rabobank Indonesia on the date of the completion of the Plan Transactions (transaction closing)," quoted from Disclosure, Wednesday (11/12).
The company also said it will examine the possibility of merging the bank that was taken over by a subsidiary company of the BCA.
Previously, President Director of BCA Jahja Setiadmaja said there are some plans related to the acquisition of the bank, that combine with the BCA Syariah, melting into the BCA, or combined with Royal Banks of which is planned to be converted into bank digital.
"We'll have to find it first, (it took) a long time.
BCA acquired Bank Royal with poured funds amounting to Rp 988,04 billion to take over the entire shares of the Bank Royal of the previous owner which is Family Happy.
