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
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
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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 {
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        LATEST NEWS UPDATES | Why govt&#039;s demonetisation move may fail to win the war against black money -Appu Esthose Suresh    </title>
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New Delhi: The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by..."/>
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    <h1 class="cat-box-title">Why govt&#039;s demonetisation move may fail to win the war against black money -Appu Esthose Suresh</h1>
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                            <div align="justify">-Hindustan Times<br /><br /><em>New Delhi: </em>The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data.<br /><br />Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards.<br /><br />In a move that received a mixed response, Prime Minister Narendra Modi announced on Tuesday night a recall of the two currency denominations and set a 50-day deadline to exchange old banknotes with new at banks and post offices. Critics argued the move would do little to unearth black money hoarded by the rich who park their cash in different asset classes than keep it idle.<br /><br />Tax data seem to bear that out. For instance, in income-tax probes from April 1 to October 31 this financial year, black-money holders accepted having stashed Rs 7,700 crore worth of ill-gotten assets. The cash component was merely Rs 408 crore or 5%. The remaining was invested in business, stocks, real estate and benami bank accounts, the data show. Financial year 2015-16 saw the highest black-money detection in the period, of which 6% was cash.<br /><br />The actual proportion of cash would be even lower as the tax department&rsquo;s classification of seizures considers currency and ornaments as one unit. <br /><br />One of the reasons why tax evaders and corrupt public officials prefer not to stash cash could be the sheer logistics of it. Rs 1 crore in Rs 1,000 notes, if stashed evenly, occupies one sq ft and weighs 13 kg. Rs 100 crore would weigh 1.3 tons and occupy an area the size of a three-wheeler goods carrier, making the movement of cash without detection difficult.<br /><br />Ill-gotten wealth mostly enters the formal economic system through real estate and shell companies, a finance ministry source said.<br /><br />HT reported on Thursday the currency switch could result in hardship for low-income groups as only 28%-32% of Indians have access to financial institutions, including post offices and banks. Further, 33% of the 138,626 bank branches are in 60 Tier-1 and Tier-2 cities, leaving rural India at a huge disadvantage.</div>                                                           
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    <h1 class="cat-box-title">Why govt&#039;s demonetisation move may fail to win the war against black money -Appu Esthose Suresh</h1>
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                            <div align="justify">-Hindustan Times<br /><br /><em>New Delhi: </em>The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data.<br /><br />Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards.<br /><br />In a move that received a mixed response, Prime Minister Narendra Modi announced on Tuesday night a recall of the two currency denominations and set a 50-day deadline to exchange old banknotes with new at banks and post offices. Critics argued the move would do little to unearth black money hoarded by the rich who park their cash in different asset classes than keep it idle.<br /><br />Tax data seem to bear that out. For instance, in income-tax probes from April 1 to October 31 this financial year, black-money holders accepted having stashed Rs 7,700 crore worth of ill-gotten assets. The cash component was merely Rs 408 crore or 5%. The remaining was invested in business, stocks, real estate and benami bank accounts, the data show. Financial year 2015-16 saw the highest black-money detection in the period, of which 6% was cash.<br /><br />The actual proportion of cash would be even lower as the tax department&rsquo;s classification of seizures considers currency and ornaments as one unit. <br /><br />One of the reasons why tax evaders and corrupt public officials prefer not to stash cash could be the sheer logistics of it. Rs 1 crore in Rs 1,000 notes, if stashed evenly, occupies one sq ft and weighs 13 kg. Rs 100 crore would weigh 1.3 tons and occupy an area the size of a three-wheeler goods carrier, making the movement of cash without detection difficult.<br /><br />Ill-gotten wealth mostly enters the formal economic system through real estate and shell companies, a finance ministry source said.<br /><br />HT reported on Thursday the currency switch could result in hardship for low-income groups as only 28%-32% of Indians have access to financial institutions, including post offices and banks. Further, 33% of the 138,626 bank branches are in 60 Tier-1 and Tier-2 cities, leaving rural India at a huge disadvantage.</div>                                                           
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-Hindustan Times

New Delhi: The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by..." />
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    <h1 class="cat-box-title">Why govt&#039;s demonetisation move may fail to win the war against black money -Appu Esthose Suresh</h1>
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                            <div align="justify">-Hindustan Times<br /><br /><em>New Delhi: </em>The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data.<br /><br />Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards.<br /><br />In a move that received a mixed response, Prime Minister Narendra Modi announced on Tuesday night a recall of the two currency denominations and set a 50-day deadline to exchange old banknotes with new at banks and post offices. Critics argued the move would do little to unearth black money hoarded by the rich who park their cash in different asset classes than keep it idle.<br /><br />Tax data seem to bear that out. For instance, in income-tax probes from April 1 to October 31 this financial year, black-money holders accepted having stashed Rs 7,700 crore worth of ill-gotten assets. The cash component was merely Rs 408 crore or 5%. The remaining was invested in business, stocks, real estate and benami bank accounts, the data show. Financial year 2015-16 saw the highest black-money detection in the period, of which 6% was cash.<br /><br />The actual proportion of cash would be even lower as the tax department&rsquo;s classification of seizures considers currency and ornaments as one unit. <br /><br />One of the reasons why tax evaders and corrupt public officials prefer not to stash cash could be the sheer logistics of it. Rs 1 crore in Rs 1,000 notes, if stashed evenly, occupies one sq ft and weighs 13 kg. Rs 100 crore would weigh 1.3 tons and occupy an area the size of a three-wheeler goods carrier, making the movement of cash without detection difficult.<br /><br />Ill-gotten wealth mostly enters the formal economic system through real estate and shell companies, a finance ministry source said.<br /><br />HT reported on Thursday the currency switch could result in hardship for low-income groups as only 28%-32% of Indians have access to financial institutions, including post offices and banks. Further, 33% of the 138,626 bank branches are in 60 Tier-1 and Tier-2 cities, leaving rural India at a huge disadvantage.</div>                                                           
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    <br><a href="http://www.hindustantimes.com/india-news/cash-has-only-6-share-in-black-money-seizures-reveals-income-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html" class="re" target="_blank">Hindustan Times, 12 November, 2016, http://www.hindustantimes.com/india-news/cash-has-only-6-share-in-black-money-seizures-reveals-income-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html</a><div class="clear"></div>
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Why govt's demonetisation move may fail to win the war against black money -Appu Esthose Suresh

Published on Nov 13, 2016   Modified on Nov 13, 2016

-Hindustan Times New Delhi: The demonetisation of Rs 500 and Rs 1,000 banknotes is unlikely to help the government suck out black money from the economy as hoarders keep a tiny portion of their ill-gotten wealth in hard cash, going by income-tax data. Cash recovery has been less than 6% of the undisclosed income seized from tax evaders, shows an HT analysis of data from tax raids from financial year 2012-13 onwards. In a move that received a mixed response, Prime Minister Narendra Modi announced on Tuesday night a recall of the two currency denominations and set a 50-day deadline to exchange old banknotes with new at banks and post offices. Critics argued the move would do little to unearth black money hoarded by the rich who park their cash in different asset classes than keep it idle. Tax data seem to bear that out. For instance, in income-tax probes from April 1 to October 31 this financial year, black-money holders accepted having stashed Rs 7,700 crore worth of ill-gotten assets. The cash component was merely Rs 408 crore or 5%. The remaining was invested in business, stocks, real estate and benami bank accounts, the data show. Financial year 2015-16 saw the highest black-money detection in the period, of which 6% was cash. The actual proportion of cash would be even lower as the tax department’s classification of seizures considers currency and ornaments as one unit. One of the reasons why tax evaders and corrupt public officials prefer not to stash cash could be the sheer logistics of it. Rs 1 crore in Rs 1,000 notes, if stashed evenly, occupies one sq ft and weighs 13 kg. Rs 100 crore would weigh 1.3 tons and occupy an area the size of a three-wheeler goods carrier, making the movement of cash without detection difficult. Ill-gotten wealth mostly enters the formal economic system through real estate and shell companies, a finance ministry source said. HT reported on Thursday the currency switch could result in hardship for low-income groups as only 28%-32% of Indians have access to financial institutions, including post offices and banks. Further, 33% of the 138,626 bank branches are in 60 Tier-1 and Tier-2 cities, leaving rural India at a huge disadvantage.

Hindustan Times, 12 November, 2016, http://www.hindustantimes.com/india-news/cash-has-only-6-share-in-black-money-seizures-reveals-income-tax-data/story-JfFuTiJYtxKwJQhz2ApxlL.html

Tagged with: black money Demonetisation Currency demonetisation Rs. 500 Rs. 1000 Fake Currency

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