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
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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: 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
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
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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        LATEST NEWS UPDATES | Demonetization: Witless and Anti-People -Prabhat Patnaik    </title>
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NEW DELHI: Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours&rsquo; time, 500 and 1000 rupee notes would cease to be legal-tender.

The..."/>
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-TheCitizen.in

NEW DELHI: Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours&rsquo; time, 500 and 1000 rupee notes would cease to be legal-tender.

The..." />
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                            <div align="justify">-TheCitizen.in<br /><br /><em>NEW DELHI: </em>Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours&rsquo; time, 500 and 1000 rupee notes would cease to be legal-tender.<br /><br />The justification advanced for this bizarre move was that it would strike at &ldquo;black money&rdquo;. An additional argument was thrown in, to the effect that fake currency notes used by &ldquo;terrorists&rdquo; would now cease to be effective, and some particularly enthusiastic supporters of the government even went to the extent of calling it a &ldquo;surgical strike against terrorism&rdquo;.<br /><br />I shall come to the fake currency issue later. Let me first look at the &ldquo;black money&rdquo; argument which even President Pranab Mukherjee has gone out of his way to endorse. This argument, namely that the demonetization of 500 and 1000 rupee notes constitutes an attack on &ldquo;black money&rdquo;, is based on an utter lack of understanding of the nature of &ldquo;black money,&rdquo; a conception of it that is staggering in its simple-mindedness.<br /><br />The implicit understanding is that &ldquo;black money&rdquo; consists of hoards of cash which are held in trunks or pillowcases or buried under the earth. With this understanding, it is then suggested that if 500 and 1000 rupee notes are demonetized, then people going to banks to exchange large amounts of old notes for the new legal tender would make the banks suspicious; and banks in turn would convey their suspicions to the tax authorities who would then catch the culprits. &ldquo;Black money&rdquo; would thus get exposed, and this would discourage further transgressions in future.<br /><br />Now, the second part of this argument, even assuming that &ldquo;black money&rdquo; actually consists of cash-hoards, makes little sense. If a person possesses, say, unaccounted money of Rs.20 crores, and that too in 500 and 1000 rupee notes, then such a person will certainly not come with the entire Rs.20 crores to a bank to change it into the new legal-tender (he will not be allowed to do so anyway); he would rather send several factotums to the bank, each carrying a small amount, and would do so over a number of days prior to the December 30 deadline.<br /><br />In fact even this prolonged effort would be unnecessary, since all sorts of intermediaries would come up fairly soon who would do this job of exchanging old notes for new ones on behalf of customers for a consideration. With such &ldquo;black operators&rdquo;, exchanging &ldquo;black money&rdquo; from the old legal tender to the new legal tender, the idea, mooted by &ldquo;experts&rdquo; on several TV channels, that demonetizing 500 and 1000 rupee notes would unearth illegal cash-hoards makes little sense. <br /><br />Please <a href="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People" title="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People" class="re" target="_blank">TheCitizen.in, 9 November, 2016, http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People</a><div class="clear"></div>
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    <h1 class="cat-box-title">Demonetization: Witless and Anti-People -Prabhat Patnaik</h1>
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                            <div align="justify">-TheCitizen.in<br /><br /><em>NEW DELHI: </em>Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours&rsquo; time, 500 and 1000 rupee notes would cease to be legal-tender.<br /><br />The justification advanced for this bizarre move was that it would strike at &ldquo;black money&rdquo;. An additional argument was thrown in, to the effect that fake currency notes used by &ldquo;terrorists&rdquo; would now cease to be effective, and some particularly enthusiastic supporters of the government even went to the extent of calling it a &ldquo;surgical strike against terrorism&rdquo;.<br /><br />I shall come to the fake currency issue later. Let me first look at the &ldquo;black money&rdquo; argument which even President Pranab Mukherjee has gone out of his way to endorse. This argument, namely that the demonetization of 500 and 1000 rupee notes constitutes an attack on &ldquo;black money&rdquo;, is based on an utter lack of understanding of the nature of &ldquo;black money,&rdquo; a conception of it that is staggering in its simple-mindedness.<br /><br />The implicit understanding is that &ldquo;black money&rdquo; consists of hoards of cash which are held in trunks or pillowcases or buried under the earth. With this understanding, it is then suggested that if 500 and 1000 rupee notes are demonetized, then people going to banks to exchange large amounts of old notes for the new legal tender would make the banks suspicious; and banks in turn would convey their suspicions to the tax authorities who would then catch the culprits. &ldquo;Black money&rdquo; would thus get exposed, and this would discourage further transgressions in future.<br /><br />Now, the second part of this argument, even assuming that &ldquo;black money&rdquo; actually consists of cash-hoards, makes little sense. If a person possesses, say, unaccounted money of Rs.20 crores, and that too in 500 and 1000 rupee notes, then such a person will certainly not come with the entire Rs.20 crores to a bank to change it into the new legal-tender (he will not be allowed to do so anyway); he would rather send several factotums to the bank, each carrying a small amount, and would do so over a number of days prior to the December 30 deadline.<br /><br />In fact even this prolonged effort would be unnecessary, since all sorts of intermediaries would come up fairly soon who would do this job of exchanging old notes for new ones on behalf of customers for a consideration. With such &ldquo;black operators&rdquo;, exchanging &ldquo;black money&rdquo; from the old legal tender to the new legal tender, the idea, mooted by &ldquo;experts&rdquo; on several TV channels, that demonetizing 500 and 1000 rupee notes would unearth illegal cash-hoards makes little sense. <br /><br />Please <a href="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People" title="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People" class="re" target="_blank">TheCitizen.in, 9 November, 2016, http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People</a><div class="clear"></div>
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NEW DELHI: Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours&rsquo; time, 500 and 1000 rupee notes would cease to be legal-tender.

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    <h1 class="cat-box-title">Demonetization: Witless and Anti-People -Prabhat Patnaik</h1>
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                            <div align="justify">-TheCitizen.in<br /><br /><em>NEW DELHI: </em>Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours&rsquo; time, 500 and 1000 rupee notes would cease to be legal-tender.<br /><br />The justification advanced for this bizarre move was that it would strike at &ldquo;black money&rdquo;. An additional argument was thrown in, to the effect that fake currency notes used by &ldquo;terrorists&rdquo; would now cease to be effective, and some particularly enthusiastic supporters of the government even went to the extent of calling it a &ldquo;surgical strike against terrorism&rdquo;.<br /><br />I shall come to the fake currency issue later. Let me first look at the &ldquo;black money&rdquo; argument which even President Pranab Mukherjee has gone out of his way to endorse. This argument, namely that the demonetization of 500 and 1000 rupee notes constitutes an attack on &ldquo;black money&rdquo;, is based on an utter lack of understanding of the nature of &ldquo;black money,&rdquo; a conception of it that is staggering in its simple-mindedness.<br /><br />The implicit understanding is that &ldquo;black money&rdquo; consists of hoards of cash which are held in trunks or pillowcases or buried under the earth. With this understanding, it is then suggested that if 500 and 1000 rupee notes are demonetized, then people going to banks to exchange large amounts of old notes for the new legal tender would make the banks suspicious; and banks in turn would convey their suspicions to the tax authorities who would then catch the culprits. &ldquo;Black money&rdquo; would thus get exposed, and this would discourage further transgressions in future.<br /><br />Now, the second part of this argument, even assuming that &ldquo;black money&rdquo; actually consists of cash-hoards, makes little sense. If a person possesses, say, unaccounted money of Rs.20 crores, and that too in 500 and 1000 rupee notes, then such a person will certainly not come with the entire Rs.20 crores to a bank to change it into the new legal-tender (he will not be allowed to do so anyway); he would rather send several factotums to the bank, each carrying a small amount, and would do so over a number of days prior to the December 30 deadline.<br /><br />In fact even this prolonged effort would be unnecessary, since all sorts of intermediaries would come up fairly soon who would do this job of exchanging old notes for new ones on behalf of customers for a consideration. With such &ldquo;black operators&rdquo;, exchanging &ldquo;black money&rdquo; from the old legal tender to the new legal tender, the idea, mooted by &ldquo;experts&rdquo; on several TV channels, that demonetizing 500 and 1000 rupee notes would unearth illegal cash-hoards makes little sense. <br /><br />Please <a href="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People" title="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People" class="re" target="_blank">TheCitizen.in, 9 November, 2016, http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People</a><div class="clear"></div>
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Demonetization: Witless and Anti-People -Prabhat Patnaik

Published on Nov 10, 2016   Modified on Nov 10, 2016

-TheCitizen.in NEW DELHI: Narendra Modi went on national television at 8 p.m. on November 8 to announce that from midnight of that very date, i.e. in a mere four hours’ time, 500 and 1000 rupee notes would cease to be legal-tender. The justification advanced for this bizarre move was that it would strike at “black money”. An additional argument was thrown in, to the effect that fake currency notes used by “terrorists” would now cease to be effective, and some particularly enthusiastic supporters of the government even went to the extent of calling it a “surgical strike against terrorism”. I shall come to the fake currency issue later. Let me first look at the “black money” argument which even President Pranab Mukherjee has gone out of his way to endorse. This argument, namely that the demonetization of 500 and 1000 rupee notes constitutes an attack on “black money”, is based on an utter lack of understanding of the nature of “black money,” a conception of it that is staggering in its simple-mindedness. The implicit understanding is that “black money” consists of hoards of cash which are held in trunks or pillowcases or buried under the earth. With this understanding, it is then suggested that if 500 and 1000 rupee notes are demonetized, then people going to banks to exchange large amounts of old notes for the new legal tender would make the banks suspicious; and banks in turn would convey their suspicions to the tax authorities who would then catch the culprits. “Black money” would thus get exposed, and this would discourage further transgressions in future. Now, the second part of this argument, even assuming that “black money” actually consists of cash-hoards, makes little sense. If a person possesses, say, unaccounted money of Rs.20 crores, and that too in 500 and 1000 rupee notes, then such a person will certainly not come with the entire Rs.20 crores to a bank to change it into the new legal-tender (he will not be allowed to do so anyway); he would rather send several factotums to the bank, each carrying a small amount, and would do so over a number of days prior to the December 30 deadline. In fact even this prolonged effort would be unnecessary, since all sorts of intermediaries would come up fairly soon who would do this job of exchanging old notes for new ones on behalf of customers for a consideration. With such “black operators”, exchanging “black money” from the old legal tender to the new legal tender, the idea, mooted by “experts” on several TV channels, that demonetizing 500 and 1000 rupee notes would unearth illegal cash-hoards makes little sense. Please click here to read more.

TheCitizen.in, 9 November, 2016, http://www.thecitizen.in/index.php/NewsDetail/index/1/9151/Demonetization-Witless-and-Anti-People

Tagged with: Counterfeit Currency Fake Currency Currency Demonetisation black money

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