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
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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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
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

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')) {

                trigger_error($message, E_USER_WARNING);

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    <h1 class="cat-box-title">Rs 500 and Rs 1,000 ban: Narendra Modi govt has created 50-day hawala window for old notes -Narayanan Madhavan</h1>
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                            <div align="justify">-Firstpost.com<br /><br />Think of it as a 50-over one-day cricket match, with each day equivalent to an over. The&nbsp; game has just begun.<br /><br />The government of India, popularly known as Modi sarkar, has just created a 50-day hawala window for those with black money &ndash; albeit in a loose sense. The term hawala is usually used for illegal trade in foreign exchange going back to the times before 1993 when India had tight controls on who could buy and sell foreign exchange. This created a black market in the US dollar and other &quot;hard&quot; currencies.<br /><br />Now, imagine a similar scenario in the old 500 and 1,000-rupee notes, which the government demonetised on Wednesday. Modi fans describe it as a &quot;surgical strike.&quot;&nbsp; Less than 48 hours after the announcement, it seems the scheme, like the strike, is controversial for its timing, manner and style.<br /><br />Soon after the announcement, an active government reporter tweeted: &quot;Heard in the corridors of a sarkari office,&quot;Two (sic) din ruk jaiye. Hawala ke rates aa jaayenge.&quot; (Wait for two days. The black rates will come).<br /><br />The prediction has almost come true, though the rates are not exactly known yet. This because the government has given official indications of what it intends to do, giving market players enough information and a chance to &quot;discover&quot; the market rate through what might begin with back-of-the-envelope calculations and progress to a more dynamic mechanism. Here's how.<br /><br />Revenue Secretary Hasmukh Adhia said on Wednesday that cash deposits of Rs 2.5 lakh and above may attract tax and also a 200 percent penalty in case of income mismatch. Any mismatch will be treated as tax evasion. He also added that small businessmen, housewives, artisans and workers had some cash lying at home should not be worried.<br /><br />By saying that the government will get reports of deposits above Rs 2.5 lakh and above, Adhia only implied that those below that amount are likely to stay below the taxman's radar.<br /><br />Actually, Adhia took the surprise out of the game and set the ground for the discovery of hawala rates and the manner in which might happen through a distribution chain that might create itself over the 50-day window, just as batting partnerships happen through an innings in a one-day cricket match.<br /><br />Picture this. An East Delhi gym is reported to have announced that it is ready to accept demonetised Rs 500 and Rs 1,000 notes to attract new members. Gold prices also shot up on Wednesday &ndash; the yellow metal being the easily fungible global alternative to foreign exchange.<br /><br />Please <a href="http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html" title="http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">Rs 500 and Rs 1,000 ban: Narendra Modi govt has created 50-day hawala window for old notes -Narayanan Madhavan</h1>
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                            <div align="justify">-Firstpost.com<br /><br />Think of it as a 50-over one-day cricket match, with each day equivalent to an over. The&nbsp; game has just begun.<br /><br />The government of India, popularly known as Modi sarkar, has just created a 50-day hawala window for those with black money &ndash; albeit in a loose sense. The term hawala is usually used for illegal trade in foreign exchange going back to the times before 1993 when India had tight controls on who could buy and sell foreign exchange. This created a black market in the US dollar and other &quot;hard&quot; currencies.<br /><br />Now, imagine a similar scenario in the old 500 and 1,000-rupee notes, which the government demonetised on Wednesday. Modi fans describe it as a &quot;surgical strike.&quot;&nbsp; Less than 48 hours after the announcement, it seems the scheme, like the strike, is controversial for its timing, manner and style.<br /><br />Soon after the announcement, an active government reporter tweeted: &quot;Heard in the corridors of a sarkari office,&quot;Two (sic) din ruk jaiye. Hawala ke rates aa jaayenge.&quot; (Wait for two days. The black rates will come).<br /><br />The prediction has almost come true, though the rates are not exactly known yet. This because the government has given official indications of what it intends to do, giving market players enough information and a chance to &quot;discover&quot; the market rate through what might begin with back-of-the-envelope calculations and progress to a more dynamic mechanism. Here's how.<br /><br />Revenue Secretary Hasmukh Adhia said on Wednesday that cash deposits of Rs 2.5 lakh and above may attract tax and also a 200 percent penalty in case of income mismatch. Any mismatch will be treated as tax evasion. He also added that small businessmen, housewives, artisans and workers had some cash lying at home should not be worried.<br /><br />By saying that the government will get reports of deposits above Rs 2.5 lakh and above, Adhia only implied that those below that amount are likely to stay below the taxman's radar.<br /><br />Actually, Adhia took the surprise out of the game and set the ground for the discovery of hawala rates and the manner in which might happen through a distribution chain that might create itself over the 50-day window, just as batting partnerships happen through an innings in a one-day cricket match.<br /><br />Picture this. An East Delhi gym is reported to have announced that it is ready to accept demonetised Rs 500 and Rs 1,000 notes to attract new members. Gold prices also shot up on Wednesday &ndash; the yellow metal being the easily fungible global alternative to foreign exchange.<br /><br />Please <a href="http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html" title="http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html">click here</a> to read more. <br /></div>                                                           
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Think of it as a 50-over one-day cricket match, with each day equivalent to an over. The&nbsp; game has just begun.

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                            <div align="justify">-Firstpost.com<br /><br />Think of it as a 50-over one-day cricket match, with each day equivalent to an over. The&nbsp; game has just begun.<br /><br />The government of India, popularly known as Modi sarkar, has just created a 50-day hawala window for those with black money &ndash; albeit in a loose sense. The term hawala is usually used for illegal trade in foreign exchange going back to the times before 1993 when India had tight controls on who could buy and sell foreign exchange. This created a black market in the US dollar and other &quot;hard&quot; currencies.<br /><br />Now, imagine a similar scenario in the old 500 and 1,000-rupee notes, which the government demonetised on Wednesday. Modi fans describe it as a &quot;surgical strike.&quot;&nbsp; Less than 48 hours after the announcement, it seems the scheme, like the strike, is controversial for its timing, manner and style.<br /><br />Soon after the announcement, an active government reporter tweeted: &quot;Heard in the corridors of a sarkari office,&quot;Two (sic) din ruk jaiye. Hawala ke rates aa jaayenge.&quot; (Wait for two days. The black rates will come).<br /><br />The prediction has almost come true, though the rates are not exactly known yet. This because the government has given official indications of what it intends to do, giving market players enough information and a chance to &quot;discover&quot; the market rate through what might begin with back-of-the-envelope calculations and progress to a more dynamic mechanism. Here's how.<br /><br />Revenue Secretary Hasmukh Adhia said on Wednesday that cash deposits of Rs 2.5 lakh and above may attract tax and also a 200 percent penalty in case of income mismatch. Any mismatch will be treated as tax evasion. He also added that small businessmen, housewives, artisans and workers had some cash lying at home should not be worried.<br /><br />By saying that the government will get reports of deposits above Rs 2.5 lakh and above, Adhia only implied that those below that amount are likely to stay below the taxman's radar.<br /><br />Actually, Adhia took the surprise out of the game and set the ground for the discovery of hawala rates and the manner in which might happen through a distribution chain that might create itself over the 50-day window, just as batting partnerships happen through an innings in a one-day cricket match.<br /><br />Picture this. An East Delhi gym is reported to have announced that it is ready to accept demonetised Rs 500 and Rs 1,000 notes to attract new members. Gold prices also shot up on Wednesday &ndash; the yellow metal being the easily fungible global alternative to foreign exchange.<br /><br />Please <a href="http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html" title="http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html">click here</a> to read more. <br /></div>                                                           
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Home हिन्दी

Rs 500 and Rs 1,000 ban: Narendra Modi govt has created 50-day hawala window for old notes -Narayanan Madhavan

Published on Nov 11, 2016   Modified on Nov 11, 2016

-Firstpost.com Think of it as a 50-over one-day cricket match, with each day equivalent to an over. The  game has just begun. The government of India, popularly known as Modi sarkar, has just created a 50-day hawala window for those with black money – albeit in a loose sense. The term hawala is usually used for illegal trade in foreign exchange going back to the times before 1993 when India had tight controls on who could buy and sell foreign exchange. This created a black market in the US dollar and other "hard" currencies. Now, imagine a similar scenario in the old 500 and 1,000-rupee notes, which the government demonetised on Wednesday. Modi fans describe it as a "surgical strike."  Less than 48 hours after the announcement, it seems the scheme, like the strike, is controversial for its timing, manner and style. Soon after the announcement, an active government reporter tweeted: "Heard in the corridors of a sarkari office,"Two (sic) din ruk jaiye. Hawala ke rates aa jaayenge." (Wait for two days. The black rates will come). The prediction has almost come true, though the rates are not exactly known yet. This because the government has given official indications of what it intends to do, giving market players enough information and a chance to "discover" the market rate through what might begin with back-of-the-envelope calculations and progress to a more dynamic mechanism. Here's how. Revenue Secretary Hasmukh Adhia said on Wednesday that cash deposits of Rs 2.5 lakh and above may attract tax and also a 200 percent penalty in case of income mismatch. Any mismatch will be treated as tax evasion. He also added that small businessmen, housewives, artisans and workers had some cash lying at home should not be worried. By saying that the government will get reports of deposits above Rs 2.5 lakh and above, Adhia only implied that those below that amount are likely to stay below the taxman's radar. Actually, Adhia took the surprise out of the game and set the ground for the discovery of hawala rates and the manner in which might happen through a distribution chain that might create itself over the 50-day window, just as batting partnerships happen through an innings in a one-day cricket match. Picture this. An East Delhi gym is reported to have announced that it is ready to accept demonetised Rs 500 and Rs 1,000 notes to attract new members. Gold prices also shot up on Wednesday – the yellow metal being the easily fungible global alternative to foreign exchange. Please click here to read more.

Firstpost.com, 10 November, 2016, http://www.firstpost.com/politics/rs-500-and-rs-1000-ban-narendra-modi-govt-has-created-50-day-hawala-window-for-old-notes-3098140.html

Tagged with: Rs. 1000 Rs. 500 Demonetisation Currency demonetisation Money Laundering Hawala Gold

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• Hardships faced can’t be seen as shortfall of demonetisation: Centre to SC -Abraham Thomas
• Would the government have brushed aside the Reserve Bank of India if it had objected to demonetisation, Supreme Court asks Centre
• What Centre Told Supreme Court On Pleas Challenging Demonetisation

 

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