On the night of november 8 this year, Prime minister narendra modi appeared on national television to declare his Government’s decision to demonetise Rs 500 and Rs 1,000 currency notes, with a window of 50 days for a smooth transition. no doubt the move has hit those who have accumulated unaccounted black money. the Bureaucracy Today magazine analyses whether the move will stop the hoarding of black money in time to come.
The Modi Government’s sudden decision to demonetise Rs 500 and Rs 1,000 banknotes came at a time when an unaccounted cash flow, fake currency in the Indian system and dodgy funds had been stagnating the most promising economy of the world, say experts. at any given time, as per the findings of the Indian statistical institute, Kolkata, in 2015, as many as 250 out of every 10 lakh notes in circulation were fake. Likewise, banknotes with a face value of Rs 400 crore are said to be in circulation in India. the study observed that fake notes with a face value of Rs 70 crore were infused into the system every year, and law enforcement agencies were able to intercept only a third of this amount. the study also pointed out that Rs 1,000 notes constituted about 50 per cent of the total value of counterfeit notes.
In fiscal 2014-15, counterfeit notes in circulation rose 22% to 5,94,446 pieces, according to the Reserve Bank of India’s annual report. these counterfeit notes were detected in the banking system. While 95.6% of these notes were detected by commercial banks, 4.4% of them were detected at RBI offices. the number of counterfeit notes detected increased for all denominations, except for Rs 2 and Rs 5, which are almost out of circulation, being replaced by metal coins. notes of denominations of Rs 500 and Rs 1,000 together accounted for approximately 85% of the total value of banknotes in circulation as at the end of march 2015. notes of Rs 10 and Rs 100 together accounted for 54% of the volume as at the end of march 2015.
During 2014-15, around 1,510 crore pieces of soiled banknotes were disposed of as against a target of about 1,710 crore pieces and 1,420 crore pieces were disposed of during 2013-14.
However, this fiscal year would be different as the Modi Government’s has initiated a mechanism to eliminate fake currency from the Indian system.
هذه القصة مأخوذة من طبعة November 16-30, 2016 من Bureaucracy Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة November 16-30, 2016 من Bureaucracy Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
has bureaucracy failed modi?
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can cag audits be more innovative and transformative?
audit, if used properly, can become an effective aid to administration. the thumb rule is that audit must essentially capture the other side of the coin of governance. a responsive, relevant and responsible audit can only complement, supplement, support and strengthen quality governance. right audit themes, analysis and outcome can help administrators conduct a swot analysis of their strengths and weaknesses, providing deeper insights on missing issues to evaluate and take a midcourse corrective and preventive action, and help the government refocus to derive the planned outcome from projects and schemes.
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amritsar's emergence as a real estate hotspot
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how much protection is available to judges and magistrates?
after the recent supreme court observation that no public servant is entitled for the protective umbrella of section 197 of the code of criminal procedure, it is being debated whether this ruling applies equally to judges of the district courts or other subordinate courts in india.
five trends that will reshape the indian real estate market
among the many different factors influencing the way real estate is developed, transacted and used in india, there are five big major emerging trends that have both real-time and long-term significance.
Is it a Crackdown or Creation of New Lords of Black Money Hoarders?
On the night of november 8 this year, Prime minister narendra modi appeared on national television to declare his Government’s decision to demonetise Rs 500 and Rs 1,000 currency notes, with a window of 50 days for a smooth transition. no doubt the move has hit those who have accumulated unaccounted black money. the Bureaucracy Today magazine analyses whether the move will stop the hoarding of black money in time to come.
A Paradigm Project for the Future
What makes for a great development project in Morocco? Which qualities imbue an initiative with longevity and sustainability, enabling it to meet a whole range of interconnected material and emotional needs? Is there a single concept applicable to a specific geographical location that exceptionally embodies those qualities?
Minority Shareholders 'Short-Changed' At Bombay House
The National Company Law Tribunal (NCLT) has turned down a request from Shapoorji Pallonji Group (SPG) vide its investment outfits, viz, Sterling Investment Corporation and Cyrus Investments, to initiate action against Tata Sons for the “oppression of minority interest and mismanagement”. It was done on the ground that the petitioner does not have the required minimum shareholding of 10%.
Should You Buy Your Dream Home Now?
The RERA or the Real Estate Regulation Act has finally become a reality. Though there are still plenty of hiccups and it will obviously take some time for the industry to absorb all the facets of the Act, it should be kept in mind that the RERA is a process, not an event. Meanwhile, the foremost question in property buyers’ minds is - should they wait until the RERA process is streamlined, or can they go in for home purchase now?
