₦airaland Forum

10 lessons for Nigeria from India’s demonetization policy

1. In 2016, the Indian government made a surprise announcement of the withdrawal of the country’s two highest denominations (Rs 500 & Rs 1,000)

2. The major aim was to tackle black money especially counterfeiting, corruption and tax evasion. Also, the policy was meant to facilitate India’s transition to digital, cashless world at a time when over 190m adults had no bank accounts many of whom are illiterate

3. The withdrawn notes amounted to US$320b, over 45 times Nigeria’s total currency in circulation of N3.2tn (about $7bn)

4. There was a rush to banks & ATMs with very long queues. Many poor people suffered resulting in dozens of reported deaths, and the economy experienced huge financial losses while GDP growth slowed

5. Sectors that rely heavily on cash such as farming, informal trade, micro & SMEs suffered most with estimated 1.5m jobs lost

6. A couple of years later, the policy did not achieve much to justify the pain. The black economy remained. Many people with illicit funds acquired assets especially real estate while those who had cash sold them at discounted rates to money laundering intermediaries who deposited the notes into the banking system. Also, counterfeits of the newly printed notes surfaced within a month.

7. The currency to GDP ratio grew from 8.8% to 10.9% while the cost of printing lower denomination notes and managing the demonetization policy cost the central bank more than 50% of its dividends to the government

8. There was an increase in tax collection, but it was difficult to tell how much of the increase was due to the currency policy rather than GST and tax administration reform

9. Some progress was made towards digital payments, with companies like Paytm onboarding people with no bank accounts for e-payments

10. The gains made could have been achieved through other less drastic means. Addressing issues such as poor e-payment infrastructure, improving access for the people without bank accounts or smartphones as is the case with Kenya’s Mpesa is a more effective policy.

helen4:
Even when you have the opportunity to get to an interview, the level of disrespect is so much in teaching profession. So, 2021 December I and the kids relocated to hubby's at Abeokuta. Initially I was against it because that means leaving my stable job to an unknown. After series of arguments, I gave in. Hmm, long story short I have been jobless since then. Why? No job in Abeokuta and if you manage to get any, the pay is ridiculous. Last week I went for two interviews spending 1k each for tfare alone. The money quoted was 30k gross pay. Right now I am open to factory work self. What is the essence of years of experience and the certificate one owns if they can't fetch me money.

ThatNiccur:
Thank you very much sir for this. I had a very terrible experience in the hands of a very popular nairalander in 2021, she asked that I come be her HR. Now, part of my duty was giving feedback on employee performance, but then she was ratting me out and divulging every information, including the ones I didn't even report. She created a toxic work environment for me, she pitched me against the employees, curses from all angles and all negative issues. I'd love to share with you in private, as I have not been able to talk about this to any 3rd party asides family and it is really eating me up. At the forefront of persons breaking company policies were her family members and it was a difficult thing, at the end of the day I had to leave.

nicerod:
I'm in minna Niger state fa


Thanks bro

concho:
You never get work, you don dey think of becoming a land owner.

This kind of person should never near any position that would keep him in charge of public fund.

Greedy thief.

zed7:
You are a dunce. What advice have you given? Is this JAMB question that you have to pick a choice? See this mumu saying C.
All these students that still see the world in rose coloured glasses.

Some of us with more than a decade of work experience in the corporate world, know that choosing a job requires so many parameters. You sit in your dormitory and choose C for someone you know nothing about, you dummie.

Anyone who needs another to choose a job for him should not be working.

LagBlogger:
So? It is what I will choose and he is free to decline my advise.

Are you even the one asking for advice?

Anatakuebira:
I booked this space without reading the topic, now av got nothing to say.

GloriousGbola:
all these silly, click bait articles where some dude is so good that he has multiple job offers but is not smart enough to discern for himself which ones are the duds.

LagBlogger:
Take A

GboyegaD:
Job A seems his best option. A and C are in similar location and B at this point isn't a favorable location. If possible, he should think of relocating his family towards Ajah to reduce the traffic he goes through.

Skyfornia:
How can you see 2.4M and still be thinking of 1.4M? No be juju?? Extra N1M is more than enough

zed7:
Anyone who comes online to seek advice on job offers has no concrete plan for his life

IyaTola:
Run far

alpharoyalty:
Indian company . Stay off.

rottable:
thank you so much