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: 150
 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
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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
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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: 151
 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
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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 97
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')) {

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                            <div align="justify">-Livemint.com<br /><br /><em>Mere demonetization would not serve the purpose, it would have to be taken in conjunction with other measures to correct systemic faults and not just destruction of cash<br /></em><br />Most of the country and even foreigners are going gaga over the move by the government to demonetize high-denomination notes. A presumption has been made that they mostly reflect black money or unaccounted wealth. A bold move indeed and there are many who have been caught unawares with a bagful of notes. However, the question is: does it fundamentally change the dynamic of corruption or does it have only cosmetic value? Here is a look at it from a slightly different perspective.<br /><br />Unaccounted wealth in the form of cash stashed away is only the tip of the iceberg, so to speak. The move itself would target at the most 5% of the population, while the pain will be felt by 95%, albeit for a few days. Take the example of the daily wage earner who does not get paid and cannot feed his family, as cash is not available. Or the rehriwalla who goes around without selling his wares which could be perishable. For them, it was more like carpet-bombing on the cash economy rather than a surgical strike on black money! It&rsquo;s a predominately cash economy without access to plastic money or banks. As someone remarked, &ldquo;Has the Indian economy gone on holiday&rdquo; for the past few days, and maybe another week or so? What of the consequences? Consider the number of man-hours lost with people standing in long queues and often coming back disappointed as the branch ran out of currency. But the people say that they don&rsquo;t mind the pain as long as the &lsquo;black&rsquo; money goes extinct.<br /><br />Really? Is it that simple? This cash is only the tip of the iceberg and most of the parallel economy is embedded in real estate/jewellery/bullion or in tax havens. Money is always being USED and very little is wasted by keeping it idle. This move is akin to giving an aspirin to a sick person to cool the temperature without treating the underlying disease. What if the pain is not just long lines, but a sharp downturn in growth or even contraction? What if the pain is less job growth? What if the pain is to drive the &lsquo;black&rsquo; money deeper underground?<br /><br />Please <a href="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html" title="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html" class="re" target="_blank">Livemint.com, 15 November, 2016, http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html</a><div class="clear"></div>
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                            <div align="justify">-Livemint.com<br /><br /><em>Mere demonetization would not serve the purpose, it would have to be taken in conjunction with other measures to correct systemic faults and not just destruction of cash<br /></em><br />Most of the country and even foreigners are going gaga over the move by the government to demonetize high-denomination notes. A presumption has been made that they mostly reflect black money or unaccounted wealth. A bold move indeed and there are many who have been caught unawares with a bagful of notes. However, the question is: does it fundamentally change the dynamic of corruption or does it have only cosmetic value? Here is a look at it from a slightly different perspective.<br /><br />Unaccounted wealth in the form of cash stashed away is only the tip of the iceberg, so to speak. The move itself would target at the most 5% of the population, while the pain will be felt by 95%, albeit for a few days. Take the example of the daily wage earner who does not get paid and cannot feed his family, as cash is not available. Or the rehriwalla who goes around without selling his wares which could be perishable. For them, it was more like carpet-bombing on the cash economy rather than a surgical strike on black money! It&rsquo;s a predominately cash economy without access to plastic money or banks. As someone remarked, &ldquo;Has the Indian economy gone on holiday&rdquo; for the past few days, and maybe another week or so? What of the consequences? Consider the number of man-hours lost with people standing in long queues and often coming back disappointed as the branch ran out of currency. But the people say that they don&rsquo;t mind the pain as long as the &lsquo;black&rsquo; money goes extinct.<br /><br />Really? Is it that simple? This cash is only the tip of the iceberg and most of the parallel economy is embedded in real estate/jewellery/bullion or in tax havens. Money is always being USED and very little is wasted by keeping it idle. This move is akin to giving an aspirin to a sick person to cool the temperature without treating the underlying disease. What if the pain is not just long lines, but a sharp downturn in growth or even contraction? What if the pain is less job growth? What if the pain is to drive the &lsquo;black&rsquo; money deeper underground?<br /><br />Please <a href="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html" title="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html" class="re" target="_blank">Livemint.com, 15 November, 2016, http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html</a><div class="clear"></div>
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    <h1 class="cat-box-title">Demonetization: Pain or gain? -BM Singh</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>Mere demonetization would not serve the purpose, it would have to be taken in conjunction with other measures to correct systemic faults and not just destruction of cash<br /></em><br />Most of the country and even foreigners are going gaga over the move by the government to demonetize high-denomination notes. A presumption has been made that they mostly reflect black money or unaccounted wealth. A bold move indeed and there are many who have been caught unawares with a bagful of notes. However, the question is: does it fundamentally change the dynamic of corruption or does it have only cosmetic value? Here is a look at it from a slightly different perspective.<br /><br />Unaccounted wealth in the form of cash stashed away is only the tip of the iceberg, so to speak. The move itself would target at the most 5% of the population, while the pain will be felt by 95%, albeit for a few days. Take the example of the daily wage earner who does not get paid and cannot feed his family, as cash is not available. Or the rehriwalla who goes around without selling his wares which could be perishable. For them, it was more like carpet-bombing on the cash economy rather than a surgical strike on black money! It&rsquo;s a predominately cash economy without access to plastic money or banks. As someone remarked, &ldquo;Has the Indian economy gone on holiday&rdquo; for the past few days, and maybe another week or so? What of the consequences? Consider the number of man-hours lost with people standing in long queues and often coming back disappointed as the branch ran out of currency. But the people say that they don&rsquo;t mind the pain as long as the &lsquo;black&rsquo; money goes extinct.<br /><br />Really? Is it that simple? This cash is only the tip of the iceberg and most of the parallel economy is embedded in real estate/jewellery/bullion or in tax havens. Money is always being USED and very little is wasted by keeping it idle. This move is akin to giving an aspirin to a sick person to cool the temperature without treating the underlying disease. What if the pain is not just long lines, but a sharp downturn in growth or even contraction? What if the pain is less job growth? What if the pain is to drive the &lsquo;black&rsquo; money deeper underground?<br /><br />Please <a href="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html" title="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html" class="re" target="_blank">Livemint.com, 15 November, 2016, http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html</a><div class="clear"></div>
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Demonetization: Pain or gain? -BM Singh

Published on Dec 14, 2016   Modified on Dec 14, 2016

-Livemint.com Mere demonetization would not serve the purpose, it would have to be taken in conjunction with other measures to correct systemic faults and not just destruction of cash Most of the country and even foreigners are going gaga over the move by the government to demonetize high-denomination notes. A presumption has been made that they mostly reflect black money or unaccounted wealth. A bold move indeed and there are many who have been caught unawares with a bagful of notes. However, the question is: does it fundamentally change the dynamic of corruption or does it have only cosmetic value? Here is a look at it from a slightly different perspective. Unaccounted wealth in the form of cash stashed away is only the tip of the iceberg, so to speak. The move itself would target at the most 5% of the population, while the pain will be felt by 95%, albeit for a few days. Take the example of the daily wage earner who does not get paid and cannot feed his family, as cash is not available. Or the rehriwalla who goes around without selling his wares which could be perishable. For them, it was more like carpet-bombing on the cash economy rather than a surgical strike on black money! It’s a predominately cash economy without access to plastic money or banks. As someone remarked, “Has the Indian economy gone on holiday” for the past few days, and maybe another week or so? What of the consequences? Consider the number of man-hours lost with people standing in long queues and often coming back disappointed as the branch ran out of currency. But the people say that they don’t mind the pain as long as the ‘black’ money goes extinct. Really? Is it that simple? This cash is only the tip of the iceberg and most of the parallel economy is embedded in real estate/jewellery/bullion or in tax havens. Money is always being USED and very little is wasted by keeping it idle. This move is akin to giving an aspirin to a sick person to cool the temperature without treating the underlying disease. What if the pain is not just long lines, but a sharp downturn in growth or even contraction? What if the pain is less job growth? What if the pain is to drive the ‘black’ money deeper underground? Please click here to read more.

Livemint.com, 15 November, 2016, http://www.livemint.com/Opinion/hRDFooAtSLaeqmLjwXAfpN/Demonetization-Pain-or-gain.html

Tagged with: Black Economy black money Currency demonetisation Demonetisation

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