Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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-The Hindu&lt;br /&gt;
&lt;br /&gt;
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It has no economic rationale. It does not serve any purpose.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;
&lt;br /&gt;
I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;
&lt;br /&gt;
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
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KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It has no economic rationale. It does not serve any purpose.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;&lt;br /&gt;I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;&lt;br /&gt;It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Hindu, 18 November, 2016, please &lt;a href=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot; title=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It has no economic rationale. It does not serve any purpose.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;
&lt;br /&gt;
I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;
&lt;br /&gt;
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
&lt;/div&gt;
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&amp;nbsp;
&lt;/div&gt;
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&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;
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-The Hindu

KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It has no economic rationale. It does not serve any purpose.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;&lt;br /&gt;I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;&lt;br /&gt;It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Hindu, 18 November, 2016, please &lt;a href=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot; title=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;
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KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in..."/>
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                <strong>KC Chakrabarty, ex-deputy governor of Reserve Bank of India (RBI), interviewed by Manojit Saha (The Hindu)</strong></h1>
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                <div align="justify">-The Hindu<br /><br />KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:<br /><br /><em>* What is your view on the ongoing demonetisation exercise?<br /></em><br />It has no economic rationale. It does not serve any purpose.<br /><br /><em>* Why do you say so? The government claims that the move is aimed at curbing black money...<br /></em><br />What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.<br /><br /><em>* The government also argues it will address the issue of counterfeiting&hellip;<br /></em><br />If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.<br /><br />I am not aware of the thinking of the current government&hellip; I don&rsquo;t know what information they have. I don&rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.<br /><br /><em>* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?<br /></em><br />Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.<br /><br /><em>* Was it a formal proposal? What was the reason for declining it?<br /></em><br />Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &lsquo;no&rsquo; because it does not serve any purpose&hellip; the cost is high and the benefit is less.<br /><br />It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.</div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Hindu, 18 November, 2016, please <a href="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece" title="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Hindu</strong> <br /></div>               </font>
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-The Hindu&lt;br /&gt;
&lt;br /&gt;
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It has no economic rationale. It does not serve any purpose.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;
&lt;br /&gt;
I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;
&lt;br /&gt;
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
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&lt;em&gt;The Hindu, 18 November, 2016, please &lt;a href=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
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-The Hindu

KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It has no economic rationale. It does not serve any purpose.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;&lt;br /&gt;I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;&lt;br /&gt;It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Hindu, 18 November, 2016, please &lt;a href=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot; title=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Hindu&lt;br /&gt;
&lt;br /&gt;
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It has no economic rationale. It does not serve any purpose.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;
&lt;br /&gt;
I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;
&lt;br /&gt;
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;em&gt;The Hindu, 18 November, 2016, please &lt;a href=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
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&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;
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-The Hindu

KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in...&#039;
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KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in..."/>
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                <strong>KC Chakrabarty, ex-deputy governor of Reserve Bank of India (RBI), interviewed by Manojit Saha (The Hindu)</strong></h1>
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                <div align="justify">-The Hindu<br /><br />KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:<br /><br /><em>* What is your view on the ongoing demonetisation exercise?<br /></em><br />It has no economic rationale. It does not serve any purpose.<br /><br /><em>* Why do you say so? The government claims that the move is aimed at curbing black money...<br /></em><br />What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.<br /><br /><em>* The government also argues it will address the issue of counterfeiting&hellip;<br /></em><br />If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.<br /><br />I am not aware of the thinking of the current government&hellip; I don&rsquo;t know what information they have. I don&rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.<br /><br /><em>* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?<br /></em><br />Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.<br /><br /><em>* Was it a formal proposal? What was the reason for declining it?<br /></em><br />Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &lsquo;no&rsquo; because it does not serve any purpose&hellip; the cost is high and the benefit is less.<br /><br />It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.</div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Hindu, 18 November, 2016, please <a href="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece" title="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Hindu</strong> <br /></div>               </font>
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</span></span></code></pre><pre id="cakeErr6800d7c211723-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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-The Hindu&lt;br /&gt;
&lt;br /&gt;
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It has no economic rationale. It does not serve any purpose.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;
&lt;br /&gt;
I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;
&lt;br /&gt;
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu&lt;br /&gt;&lt;br /&gt;KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It has no economic rationale. It does not serve any purpose.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;&lt;br /&gt;I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;&lt;br /&gt;It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Hindu, 18 November, 2016, please &lt;a href=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot; title=&quot;http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your view on the ongoing demonetisation exercise?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It has no economic rationale. It does not serve any purpose.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Why do you say so? The government claims that the move is aimed at curbing black money...&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* The government also argues it will address the issue of counterfeiting&amp;hellip;&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.&lt;br /&gt;
&lt;br /&gt;
I am not aware of the thinking of the current government&amp;hellip; I don&amp;rsquo;t know what information they have. I don&amp;rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Was it a formal proposal? What was the reason for declining it?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &amp;lsquo;no&amp;rsquo; because it does not serve any purpose&amp;hellip; the cost is high and the benefit is less.&lt;br /&gt;
&lt;br /&gt;
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
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&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
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&lt;strong&gt;Image Courtesy: The Hindu&lt;/strong&gt; &lt;br /&gt;
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-The Hindu

KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in..."/>
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                <strong>KC Chakrabarty, ex-deputy governor of Reserve Bank of India (RBI), interviewed by Manojit Saha (The Hindu)</strong></h1>
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                <div align="justify">-The Hindu<br /><br />KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:<br /><br /><em>* What is your view on the ongoing demonetisation exercise?<br /></em><br />It has no economic rationale. It does not serve any purpose.<br /><br /><em>* Why do you say so? The government claims that the move is aimed at curbing black money...<br /></em><br />What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.<br /><br /><em>* The government also argues it will address the issue of counterfeiting&hellip;<br /></em><br />If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.<br /><br />I am not aware of the thinking of the current government&hellip; I don&rsquo;t know what information they have. I don&rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.<br /><br /><em>* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?<br /></em><br />Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.<br /><br /><em>* Was it a formal proposal? What was the reason for declining it?<br /></em><br />Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &lsquo;no&rsquo; because it does not serve any purpose&hellip; the cost is high and the benefit is less.<br /><br />It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.</div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Hindu, 18 November, 2016, please <a href="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece" title="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Hindu</strong> <br /></div>               </font>
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-The Hindu<br />
<br />
KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:<br />
<br />
<em>* What is your view on the ongoing demonetisation exercise?<br />
</em><br />
It has no economic rationale. It does not serve any purpose.<br />
<br />
<em>* Why do you say so? The government claims that the move is aimed at curbing black money...<br />
</em><br />
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.<br />
<br />
<em>* The government also argues it will address the issue of counterfeiting&hellip;<br />
</em><br />
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.<br />
<br />
I am not aware of the thinking of the current government&hellip; I don&rsquo;t know what information they have. I don&rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.<br />
<br />
<em>* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?<br />
</em><br />
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.<br />
<br />
<em>* Was it a formal proposal? What was the reason for declining it?<br />
</em><br />
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &lsquo;no&rsquo; because it does not serve any purpose&hellip; the cost is high and the benefit is less.<br />
<br />
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
&nbsp;
</div>
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<em>The Hindu, 18 November, 2016, please <a href="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece">click here</a> to access </em>
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&nbsp;
</div>
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<strong>Image Courtesy: The Hindu</strong> <br />
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-The Hindu<br />
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KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation:<br />
<br />
<em>* What is your view on the ongoing demonetisation exercise?<br />
</em><br />
It has no economic rationale. It does not serve any purpose.<br />
<br />
<em>* Why do you say so? The government claims that the move is aimed at curbing black money...<br />
</em><br />
What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax.<br />
<br />
<em>* The government also argues it will address the issue of counterfeiting&hellip;<br />
</em><br />
If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc.<br />
<br />
I am not aware of the thinking of the current government&hellip; I don&rsquo;t know what information they have. I don&rsquo;t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are.<br />
<br />
<em>* You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure?<br />
</em><br />
Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level.<br />
<br />
<em>* Was it a formal proposal? What was the reason for declining it?<br />
</em><br />
Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said &lsquo;no&rsquo; because it does not serve any purpose&hellip; the cost is high and the benefit is less.<br />
<br />
It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
<em>The Hindu, 18 November, 2016, please <a href="http://www.thehindu.com/business/upa-government-also-proposed-it-we-said-no/article9357895.ece">click here</a> to access </em>
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&nbsp;
</div>
<div align="justify">
<strong>Image Courtesy: The Hindu</strong> <br />
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KC Chakrabarty, ex-deputy governor of Reserve Bank of India (RBI), interviewed by Manojit Saha (The Hindu)

-The Hindu KC Chakrabarty, who was deputy governor of Reserve Bank of India (RBI) between June 2009 and March 2014, said that there was no economic rationale behind the ongoing demonetisation drive and that such a proposal had been floated in the past too. Excerpts from a conversation: * What is your view on the ongoing demonetisation exercise? It has no economic rationale. It does not serve any purpose. * Why do you say so? The government claims that the move is aimed at curbing black money... What is black money? No notes are black. All notes are white. It is the process that creates the black money. When a person does not pay tax, it becomes black money. Here you are killing the notes and not the fellow who is not paying tax. * The government also argues it will address the issue of counterfeiting… If you buy a kilo of rice, there will be some small stones (interspersed). What you do is remove those particles and not the entire rice. The law enforcement authorities should identify those notes and take action. Here people are standing in the queues to get their own money because there are inefficiencies with the income tax (process), police machinery etc. I am not aware of the thinking of the current government… I don’t know what information they have. I don’t know if they have the information that 90 per cent notes are counterfeit. I do not have this information. If they have the information then they should tell the people. They must disclose, per million pieces of Rs.1,000, how many counterfeit notes there are. * You were the deputy governor of RBI when the UPA-II government was at the centre. Was there any such proposal from the government during your tenure? Yes, it had come from the UPA government. After examining the proposal, we had said that this should not be done. The proposal never went to the board level. * Was it a formal proposal? What was the reason for declining it? Whether it came officially or over telephone, is not the issue. But I definitely remember it had come. We said ‘no’ because it does not serve any purpose… the cost is high and the benefit is less. It has already impacted the banking system. For the next couple of months, banks will only concentrate on exchange of notes, no business can happen.     The Hindu, 18 November, 2016, please click here to access   Image Courtesy: The Hindu