- Atal Bihari Vajpayee to take place at 4 PM tomorrow at Rashtriya Smriti Sthal in Delhi
- Vajpayee to be accorded state funeral; 7 day mourning declared, flag to be flown at half
- Govt announces 7-day national mourning following demise of Atal Bihari Vajpayee
- Former Prime Minister Vajpayee dead
- Kerala rains: 12 more NDRF teams sent
LETTERS TO THE EDITOR
Black money: Time to recalibrate strategy
This refers to the editorial, “Was it worth it?” (November 8). Demonetisation of high-value currency dates back to the Mughal era, when after annexing a territory, the invaders would effect sikkabandi with the aim to cripple the economy of the land. The primary motivation then would be to exchange the previous ruler's coins invariably for a lower value to ensure that the local people became dependent on them and toed their line. Later, during the end of 16th century, demonetisation became a policy initiative to bring in a unified and consolidated monetary system for the empire. In 1978, the Morarji Desai Government instated the High Denomination Bank Notes (Demonetisation) Act to carry out investigation and prosecution of defaulters and counterfeiters. Contrary to this, while addressing the Parliament on December 9, 1998, the then Finance Minister Yashwant Sinha cited the need for notes of higher face value, in public interest, for normal cash transactions.
Last year, the Narendra Modi Government’s surgical strike against black money, corruption and counterfeit currency by stripping the high denomination currency notes of their statutory status was hailed as a “black swan” moment for the Indian economy. However, now it seems that it was a mere exercise in reaping political dividends while the real offenders continue to park their illegitimate funds in offshore havens. It is time the Government re-calibrated its response to fight the menace of black money and “cleanse” the economy of its blots.
- Conditions for trade 17 Aug 2018 | Shubham
- Setting the tone 17 Aug 2018 | KS Jayatheertha
- Deteriorating case 17 Aug 2018 | M Ratan
- A note of caution in Prime Minister’s speech 17 Aug 2018 | Shreyans Jain
- Worst performance 16 Aug 2018 | Shashi
- Retrograde step 16 Aug 2018 | VS Jayaraman
- Family feud 16 Aug 2018 | Tharcius S Fernando
- India has failed to protect its soldiers 16 Aug 2018 | Pachu Menon
- Dark old days 15 Aug 2018 | Bal Govind
- Cricket in shambles 15 Aug 2018 | Devendra Khurana
Sunday EditionView All
12 Aug 2018 | Kestur Vasuki | Bengaluru
Karnataka Chief Minister HD Kumaraswamy who is facing wrath from the farmers in the State, in an appealing gesture planted paddy saplings in solidarity on Saturday. He chose Aralukuppe village in Mandya district the heart land of vokkaliga politics sowed paddy saplings in a muddied agriculture field amidst a large gathering...
STATE EDITIONSView All
17 Aug 2018 | Staff Reporter | Bhopal
All private and Government schools will remain closed today as a mark of respect to former Prime Minister late Atal Bihari Vajpayee. Vajpayee passed away after prolonged illness at AIIMS in Delhi on Thursday...