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
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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\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);

            } else {
$response = object(Cake\Http\Response) {

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    <h1 class="cat-box-title">Why Demonetisation Will Not Eliminate Black Money or Corruption -Abusaleh Shariff and Amir Ullah Khan</h1>
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		 Published on</span><span class="text-date"> Nov 17, 2016</span>
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                            <div align="justify">-TheWire.in<br /><br /><em>Demonetisation will only affect those who conduct transactions in cash, are not a part of the formal banking system or have not converted their cash into assets.<br /></em><br />The government&rsquo;s demonetisation of Rs 500 and Rs 1000 notes is a contentious issue, but is understandable. Such schemes may have not worked in the past, but a political commitment had to be honoured. The question is not whether the government is right for demonetising the currency; instead, the concerns are centred on why they adopted this chaotic and surreptitious approach.<br /><br />The EU had replaced a large number of currencies in 2002. Its citizens were given a two months &ndash; between January 1 and February 27 of that year &ndash; to comply. In December 2014, the Philippines announced that old peso notes, some dating to 1985, would be withdrawn starting January 1, 2015, with customers given until the end of 2016 to exchange the old notes. Even Zimbabwe gave its citizens a three-month window before replacing the dollar. In all these instances, the old currency continued to be legal tender during the transition process.<br /><br />The US has had acute trouble dealing with black money and dirty cash for over a hundred years now. Yet, not once has it declared its currency illegal since it began issuing notes in 1862. That is the strength of its financial system, on which the entire world relies.<br /><br />A currency note is a promise that must be kept, whatever the circumstances. Because this trust has been broken in India, queues have formed outside banks and ATMS, with banks closing down mid-way through the business day, saying they have run out of cash.<br /><br />Pro-establishment die-hards would snigger and argue that the two high value notes have been withdrawn to check black money. It had to be done in total secrecy, they say, to thwart nefarious attempts by hoarders to dump currency. But what is it that these hoarders could have done in a reasonable time frame that they are not doing now?<br /><br />They could use multiple bank accounts in other names. They could redistribute their money in small parts, buy gold and convert local currency into foreign. All this and more is happening now and taxmen are reportedly collecting this information with alacrity.<br /><br />What was the need for creating this chaos and penalising honest citizens who believe in Indian money and trust in the Reserve Bank&rsquo;s declaration, &lsquo;I promise to pay the bearer the sum of five hundred rupees&rsquo;? Whatever the 2% are doing to reduce their losses, the rest of us are bewildered. Should we accept Rs 2000 notes? What if these are declared illegal by the next government? Should we go off work and stand in long queues outside banks to withdraw the Rs 2000 or Rs 4000 we have been permitted to access in a day?<br /><br />Please <a href="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/" title="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/" class="re" target="_blank">TheWire.in, 16 November, 2016, http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/</a><div class="clear"></div>
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    <h1 class="cat-box-title">Why Demonetisation Will Not Eliminate Black Money or Corruption -Abusaleh Shariff and Amir Ullah Khan</h1>
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                            <div align="justify">-TheWire.in<br /><br /><em>Demonetisation will only affect those who conduct transactions in cash, are not a part of the formal banking system or have not converted their cash into assets.<br /></em><br />The government&rsquo;s demonetisation of Rs 500 and Rs 1000 notes is a contentious issue, but is understandable. Such schemes may have not worked in the past, but a political commitment had to be honoured. The question is not whether the government is right for demonetising the currency; instead, the concerns are centred on why they adopted this chaotic and surreptitious approach.<br /><br />The EU had replaced a large number of currencies in 2002. Its citizens were given a two months &ndash; between January 1 and February 27 of that year &ndash; to comply. In December 2014, the Philippines announced that old peso notes, some dating to 1985, would be withdrawn starting January 1, 2015, with customers given until the end of 2016 to exchange the old notes. Even Zimbabwe gave its citizens a three-month window before replacing the dollar. In all these instances, the old currency continued to be legal tender during the transition process.<br /><br />The US has had acute trouble dealing with black money and dirty cash for over a hundred years now. Yet, not once has it declared its currency illegal since it began issuing notes in 1862. That is the strength of its financial system, on which the entire world relies.<br /><br />A currency note is a promise that must be kept, whatever the circumstances. Because this trust has been broken in India, queues have formed outside banks and ATMS, with banks closing down mid-way through the business day, saying they have run out of cash.<br /><br />Pro-establishment die-hards would snigger and argue that the two high value notes have been withdrawn to check black money. It had to be done in total secrecy, they say, to thwart nefarious attempts by hoarders to dump currency. But what is it that these hoarders could have done in a reasonable time frame that they are not doing now?<br /><br />They could use multiple bank accounts in other names. They could redistribute their money in small parts, buy gold and convert local currency into foreign. All this and more is happening now and taxmen are reportedly collecting this information with alacrity.<br /><br />What was the need for creating this chaos and penalising honest citizens who believe in Indian money and trust in the Reserve Bank&rsquo;s declaration, &lsquo;I promise to pay the bearer the sum of five hundred rupees&rsquo;? Whatever the 2% are doing to reduce their losses, the rest of us are bewildered. Should we accept Rs 2000 notes? What if these are declared illegal by the next government? Should we go off work and stand in long queues outside banks to withdraw the Rs 2000 or Rs 4000 we have been permitted to access in a day?<br /><br />Please <a href="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/" title="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/" class="re" target="_blank">TheWire.in, 16 November, 2016, http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/</a><div class="clear"></div>
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-TheWire.in

Demonetisation will only affect those who conduct transactions in cash, are not a part of the formal banking system or have not converted their cash into assets.

The government&rsquo;s demonetisation of Rs 500 and Rs 1000 notes is a contentious issue,..." />
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    <h1 class="cat-box-title">Why Demonetisation Will Not Eliminate Black Money or Corruption -Abusaleh Shariff and Amir Ullah Khan</h1>
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                            <div align="justify">-TheWire.in<br /><br /><em>Demonetisation will only affect those who conduct transactions in cash, are not a part of the formal banking system or have not converted their cash into assets.<br /></em><br />The government&rsquo;s demonetisation of Rs 500 and Rs 1000 notes is a contentious issue, but is understandable. Such schemes may have not worked in the past, but a political commitment had to be honoured. The question is not whether the government is right for demonetising the currency; instead, the concerns are centred on why they adopted this chaotic and surreptitious approach.<br /><br />The EU had replaced a large number of currencies in 2002. Its citizens were given a two months &ndash; between January 1 and February 27 of that year &ndash; to comply. In December 2014, the Philippines announced that old peso notes, some dating to 1985, would be withdrawn starting January 1, 2015, with customers given until the end of 2016 to exchange the old notes. Even Zimbabwe gave its citizens a three-month window before replacing the dollar. In all these instances, the old currency continued to be legal tender during the transition process.<br /><br />The US has had acute trouble dealing with black money and dirty cash for over a hundred years now. Yet, not once has it declared its currency illegal since it began issuing notes in 1862. That is the strength of its financial system, on which the entire world relies.<br /><br />A currency note is a promise that must be kept, whatever the circumstances. Because this trust has been broken in India, queues have formed outside banks and ATMS, with banks closing down mid-way through the business day, saying they have run out of cash.<br /><br />Pro-establishment die-hards would snigger and argue that the two high value notes have been withdrawn to check black money. It had to be done in total secrecy, they say, to thwart nefarious attempts by hoarders to dump currency. But what is it that these hoarders could have done in a reasonable time frame that they are not doing now?<br /><br />They could use multiple bank accounts in other names. They could redistribute their money in small parts, buy gold and convert local currency into foreign. All this and more is happening now and taxmen are reportedly collecting this information with alacrity.<br /><br />What was the need for creating this chaos and penalising honest citizens who believe in Indian money and trust in the Reserve Bank&rsquo;s declaration, &lsquo;I promise to pay the bearer the sum of five hundred rupees&rsquo;? Whatever the 2% are doing to reduce their losses, the rest of us are bewildered. Should we accept Rs 2000 notes? What if these are declared illegal by the next government? Should we go off work and stand in long queues outside banks to withdraw the Rs 2000 or Rs 4000 we have been permitted to access in a day?<br /><br />Please <a href="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/" title="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/" class="re" target="_blank">TheWire.in, 16 November, 2016, http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/</a><div class="clear"></div>
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Why Demonetisation Will Not Eliminate Black Money or Corruption -Abusaleh Shariff and Amir Ullah Khan

Published on Nov 17, 2016   Modified on Nov 17, 2016

-TheWire.in Demonetisation will only affect those who conduct transactions in cash, are not a part of the formal banking system or have not converted their cash into assets. The government’s demonetisation of Rs 500 and Rs 1000 notes is a contentious issue, but is understandable. Such schemes may have not worked in the past, but a political commitment had to be honoured. The question is not whether the government is right for demonetising the currency; instead, the concerns are centred on why they adopted this chaotic and surreptitious approach. The EU had replaced a large number of currencies in 2002. Its citizens were given a two months – between January 1 and February 27 of that year – to comply. In December 2014, the Philippines announced that old peso notes, some dating to 1985, would be withdrawn starting January 1, 2015, with customers given until the end of 2016 to exchange the old notes. Even Zimbabwe gave its citizens a three-month window before replacing the dollar. In all these instances, the old currency continued to be legal tender during the transition process. The US has had acute trouble dealing with black money and dirty cash for over a hundred years now. Yet, not once has it declared its currency illegal since it began issuing notes in 1862. That is the strength of its financial system, on which the entire world relies. A currency note is a promise that must be kept, whatever the circumstances. Because this trust has been broken in India, queues have formed outside banks and ATMS, with banks closing down mid-way through the business day, saying they have run out of cash. Pro-establishment die-hards would snigger and argue that the two high value notes have been withdrawn to check black money. It had to be done in total secrecy, they say, to thwart nefarious attempts by hoarders to dump currency. But what is it that these hoarders could have done in a reasonable time frame that they are not doing now? They could use multiple bank accounts in other names. They could redistribute their money in small parts, buy gold and convert local currency into foreign. All this and more is happening now and taxmen are reportedly collecting this information with alacrity. What was the need for creating this chaos and penalising honest citizens who believe in Indian money and trust in the Reserve Bank’s declaration, ‘I promise to pay the bearer the sum of five hundred rupees’? Whatever the 2% are doing to reduce their losses, the rest of us are bewildered. Should we accept Rs 2000 notes? What if these are declared illegal by the next government? Should we go off work and stand in long queues outside banks to withdraw the Rs 2000 or Rs 4000 we have been permitted to access in a day? Please click here to read more.

TheWire.in, 16 November, 2016, http://thewire.in/80319/demonetisation-will-not-eliminate-black-money-or-corruption/

Tagged with: Currency demonetisation Demonetisation black money Corruption

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